CALGARY, ALBERTA--(Marketwire - April 19, 2010) -
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Sea Dragon Energy Inc. ("Sea Dragon" or the "Company") (TSX VENTURE:SDX) is pleased to announce that it has closed the previously announced $57 million bought deal financing (the "Financing") with a syndicate of underwriters co-led by GMP Securities L.P. and Thomas Weisel Partners Canada Inc. and including Genuity Capital Markets, FirstEnergy Capital Corp. and Maison Placements Canada Inc. (collectively, the "Underwriters"). Pursuant to the Financing, the Company issued 142,500,000 common shares at a price of $0.40 per share for gross proceeds of $57 million. A fee of 5% of the gross proceeds of the Financing was paid to the Underwriters.
A portion of the net proceeds of the Financing will be used by Sea Dragon to pay the balance of the consideration owing to Dana Gas Egypt Ltd. ("DGE") in connection with Sea Dragon's recent acquisition of a fifty (50%) percent participating interest in the Kom Ombo (Block-2) Concession (the "Kom Ombo Concession") located approximately 1,000 kilometers south of Cairo in the West Bank of the Nile River. The remainder of the net proceeds will be used by the Company towards development costs on the Kom Ombo Concession and the NW Gemsa Concession and for general working capital.
Sea Dragon is an international exploration and development company with a focus on North Africa and Sub-Saharan Africa and an office in Cairo Egypt.
The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration, or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
For further information please see the website of the Company at www.seadragonenergy.com or the Company's filed documents at www.sedar.com.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 THE RELEASE.
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