CALGARY, ALBERTA, Oct. 8, 2009 (Marketwire) -- On October 7, 2009, Eagle Rock Exploration Ltd. ("Eagle Rock" or the "Corporation") (TSX VENTURE:ERX) announced that it had closed the first tranche of its non-brokered unit private placement (the "Unit Private Placement"). Pursuant to the Unit Private Placement, the Corporation issued 230 million units (the "Units") at a price of $0.045 per Unit for gross proceeds of $10.4 million. Each Unit is comprised of one common share ("Common Share") and one performance warrant ("Warrant") entitling the holder to purchase one Common Share at a price of $0.06 per Common Share for a period of five years from the date of issuance. As at the date hereof, Eagle Rock has 284.5 million Common Shares and 230 million Warrants outstanding.
In accordance with Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, pursuant to the Unit Private Placement:
- Mr. Neil Roszell of 710, 400 - 5 Avenue SW, Calgary, Alberta, T2P 2V6,
directly acquired ownership of an aggregate of 24,444,000 Common Shares
and 24,444,000 Warrants of Eagle Rock, representing approximately 15.8%
of the total issued and outstanding Common Shares of Eagle Rock,
assuming all of the Warrants acquired by Mr. Roszell are exercised into
Common Shares of the Corporation. In addition, Mr. Roszell acquired
control, through the purchase by members of his immediate family with
whom he resides, including his wife Larissa Roszell, over an aggregate
of 26,667,000 Common Shares and 26,667,000 Warrants of Eagle Rock,
representing approximately 17.1% of the total issued and outstanding
Common Shares of Eagle Rock, assuming all of the Warrants acquired by
Mr. Roszell are exercised into Common Shares of the Corporation.- Mr. Jerry Sapieha of 710, 400 - 5 Avenue SW, Calgary, Alberta, T2P 2V6,
directly acquired ownership of an aggregate of 5,199,000 Common Shares
and 5,199,000 Warrants of Eagle Rock, representing approximately 3.6% of
the total issued and outstanding Common Shares of Eagle Rock, assuming
all of the Warrants acquired by Mr. Sapieha are exercised into Common
Shares of the Corporation. In addition, Mr. Sapieha acquired control,
through the purchase by members of his immediate family with whom he
resides, over an aggregate of 10,020,000 Common Shares and 10,020,000
Warrants of Eagle Rock, representing approximately 6.8% of the total
issued and outstanding Common Shares of Eagle Rock, assuming all of the
Warrants acquired by Mr. Sapieha are exercised into Common Shares of the
Corporation.
- Mr.
