Solana Resources Limited (TSX-V: SOR; AIM: SORL), the Colombia focussed independent oil and gas exploration and production company, announces today, that it has closed its previously announced "bought deal" financing to a syndicate of underwriters led by Tristone Capital Inc. and including Orion Securities Inc., Westwind Partners Inc., and Toll Cross Securities Inc.
The Company issued and sold 24,330,000 common shares at a price of C$2.20 per share for gross proceeds of C$53,526,000. Solana is also pleased to announce that an over-allotment option granted to the Underwriters to purchase an additional 2,970,000 common shares at C$2.20 per share has been fully exercised.
Total gross proceeds from the financing, including the over-allotment option, are C$60,060,000.
Application has been made to the London Stock Exchange for the common shares to be admitted to trading on AIM and admission is expected to take place on November 27, 2007. After giving effect to the financing, Solana has 123,176,792 common shares issued and outstanding.
Solana intends to use the net proceeds of this financing to fund exploration and development of its Colombian oil and gas assets and for general corporate purposes. -- www.cnxmarketlink.com
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