/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE U.S./
CALGARY,
AB, March 27, 2023 /CNW/ - Yangarra
Resources Ltd. ("Yangarra" or the "
Company ") (TSX: YGR) announces the closing of its recently
announced bought deal equity financing, completed by way of a short
form prospectus, for the sale of 6,791,440 common shares issued on
a flow-through basis (the "FT Shares") in respect of
Canadian development expenses ("CDE") at a price of
$2.54 per FT Share, including the
full exercise of the over-allotment option granted to the
underwriters, for aggregate gross proceeds of $17,250,258 (the "Offering").
The Offering was underwritten by a syndicate of underwriters
with ATB Capital Markets Inc. and CIBC Capital Markets as co-lead
underwriters, and including Raymond James Ltd., Acumen Capital
Finance Partners Limited, Canaccord Genuity Corp. and Paradigm
Capital Inc. (collectively, the "Underwriters").
The proceeds from Offering will be used by Yangarra to incur CDE
expenses on Yangarra's existing Canadian properties prior to
December 31, 2023, and Yangarra will
renounce qualifying expenditures ("Qualifying CDE
Expenditures") to purchasers of the FT Shares on or before
December 31, 2023.
This news release does not constitute an offer to sell, or the
solicitation of an offer to buy, the common shares in any
jurisdiction, including the United
States, or to, or for the account or benefit of, U.S.
persons absent U.S. registration or an applicable exemption
therefrom, nor shall there be any sale of the common shares in any
state in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state. The common shares being offered will not be, and
have not been, registered under the United States Securities Act of
1933, as amended, and may not be offered or sold within
the United States or to, or for
the account or benefit of, a U.S. person, absent U.S. registration
or an applicable exemption therefrom.
Forward Looking Statements
This press release contains forward-looking statements. The use
of any of the words anticipate, continue, estimate, expect, may,
will, project, should, believe, and similar expressions are
intended to identify forward-looking statements. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. More
particularly, this press release contains statements with respect
to the use of proceeds of the Offering and the timing of the
renunciation of the Qualifying CDE Expenditures.
The forward-looking statements are based on key expectations and
assumptions made by Yangarra. Although Yangarra believes that the
expectations and assumptions on which the forward-looking
statements are based on reasonable, undue reliance should not be
placed on the forward-looking statements because Yangarra can give
no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These included
but are not limited to, risks associated with oil and gas
exploration, production, marketing and transportation such as loss
of market, volatility of prices, currency fluctuations, imprecision
of reserves estimates, environmental risks, competition from other
producers and ability to access sufficient capital from internal
and external sources. Certain of these risks are set out in more
detail in Yangarra's annual information form dated March 1, 2023 and in Yangarra's management's
discussion and analysis for the years ended December 31, 2022 and 2021, both of which have
been filed to SEDAR and can be accessed at www.sedar.com
The forward-looking statements contained in this press release
are made as of the date hereof and Yangarra undertakes no
obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so is required by applicable
securities laws.
All reference to $ (funds) are in Canadian dollars.
SOURCE Yangarra Resources Ltd.