SilverWillow Energy Corporation Completes $4.0 Million Flow-Through
Share Offering
TSX V Trading Symbol: SWE
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
CALGARY,
Oct. 18, 2012 /CNW/ - SilverWillow
Energy Corporation ("SilverWillow") (TSXV: SWE) is pleased
to announce that it has completed its previously announced private
placement offering (the "Offering") of common shares
("Flow-Through Shares") of the Corporation issued on a
"flow-through" basis pursuant to the Income Tax Act
(Canada). The Flow-Through Shares
are subject to a four-month hold period which will expire on
February 19, 2013. At closing today,
3,200,000 Flow-Through Shares were issued, through a syndicate of
underwriters, at a price of $1.25 per
Flow-Through Share for aggregate gross proceeds to SilverWillow of
$4,000,000. The syndicate of
underwriters was led by National Bank Financial Inc. and included
Peters & Co. Limited and RBC Dominion Securities Inc.
(collectively, the "Underwriters"). SilverWillow will use
the proceeds to fund exploration expenses related to the planned
Birch Mountains seismic program and Audet drilling program.
About SilverWillow Energy
SilverWillow Energy Corporation is a
Calgary, Alberta based
pre-production oil sands company with a portfolio of exploration
leases in Canada's Athabasca oil sands. To learn more, please
visit www.swenergy.ca.
Forward Looking Information
This news release contains certain
"forward-looking information" within the meaning of applicable
securities law. The use of any of the words "will", "intends" and
other similar words or expressions is intended to identify
forward-looking information. More particularly and without
limitation, this news release contains forward-looking information
concerning the proposed use of proceeds of the Offering.
The forward-looking information in this news
release is based on certain key expectations and assumptions made
by SilverWillow. Although SilverWillow believes that the
expectations and assumptions on which such forward-looking
information is based are reasonable, undue reliance should not be
placed on the forward-looking information because SilverWillow can
give no assurance that it will prove to be correct. The
forward-looking information in this news release is subject to
known and unknown risks and uncertainties and other factors which
may cause actual results to differ materially from those expressed
or implied in the forward-looking information. As an oil sands
enterprise in the development stage, SilverWillow faces risks
including those associated with exploration, development, start-up,
approvals and the ability to access sufficient capital from
external sources.
As a result of the foregoing, readers should not
place undue reliance on the forward-looking information contained
in this news release. Readers are cautioned that the foregoing list
of factors is not exhaustive. Additional information on these and
other factors that could affect the operations of SilverWillow are
included in reports on file with applicable securities regulatory
authorities and may be accessed through the SEDAR website
www.sedar.com.
The forward-looking information contained in
this news release is made as of the date hereof and SilverWillow
undertakes no obligation to update publicly or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE SilverWillow Energy Corporation