/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
VANCOUVER, July 3, 2014 /CNW/ - Terrace Energy Corp. (the "Company")
(TSXV: TZR, OTCQX: TCRRF; FRANKFURT: 2TR) has entered into an agreement
with a syndicate of underwriters, led by Canaccord Genuity, pursuant to
which the underwriters have agreed to purchase 10,820,000 common shares
on a "bought deal short form prospectus offering" basis, at a price of
$1.85 per common share, for aggregate gross proceeds of $20,017,000.
The Company has granted the underwriters an over-allotment option to
purchase up to an additional 1,623,000 common shares, exercisable at
any time up to 30 days from the closing of the Offering, for aggregate
gross proceeds of up to an additional $3,002,550.
In consideration of their services in connection with the offering, the
underwriters will receive a commission of 6 1/2 % payable in cash upon
The offering is subject to the execution of a definitive underwriting
agreement, the receipt of a final short form prospectus no later than
July 15, 2014, or such later date mutually agreed upon, and TSX Venture
Exchange approval, among other industry standard conditions.
The net proceeds of the offering will be used to fund planned
exploration and development activities and for general corporate
About Terrace Energy
Terrace Energy is an oil & gas development stage company that is focused
on unconventional oil & gas extraction in onshore areas of the United
States, particularly in South Texas.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the Company's securities in the United
States. The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "1933 Act"),
or any state securities laws and may not be offered or sold within the
United States or to U.S. persons unless registered under the 1933 Act
and applicable state securities laws, or an exemption from such
registration is available. Any public offering of securities in the
United States must be made by means of a prospectus that contains
detailed information about the Company and its management, as well as
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 Terrace Energy Corp.
please contact: [email protected]
Suite 1012 - 1030 West Georgia St.
Vancouver B.C. V6E 2Y3
Suite 400-202 Travis Street,
Houston Texas 77002
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