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Alston Energy Inc. Announces Financing

CALGARY, ALBERTA -- (Marketwire) -- 12/12/11 -- ALSTON ENERGY INC. (TSX VENTURE: ALO) (the "Company") is pleased to announce that the Company has entered into a letter agreement with Integral Wealth Securities Limited ("Integral") as agent in connection with a best-efforts private placement offering of up to a maximum of 15,000,000 common shares ("Flow-through Shares") issued on a "flow-through" basis under the Income Tax Act (Canada) at a price of $0.20 per Flow-through Share and a minimum of 6,700,000 common shares (the "Common Shares") in the capital of the Company issued at a price of $0.15 per Common Share, (collectively, the "Offering"). The Offering is expected to close on or about December 30, 2011.

In connection with the Offering, the Company has agreed to pay Integral a fee equal to 8% of the aggregate gross proceeds raised under the Offering, plus 8% broker warrants which will entitle the holder to purchase common shares of Company equal to 8% of the shares sold under the offering at a price of $0.20 per share, for a period of two years.

The use of proceeds will be used for general corporate purposes including, ongoing exploration activity in Alberta, possible asset acquisitions and general working capital.

Alston Energy Inc.

Don Umbach, President

Cautionary Note Regarding Forward-Looking Information: This press release contains "forward-looking information", within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the effect of the completion of the Acquisition on the Company; reserve estimates; estimates regarding future production; the receipt of regulatory approvals; expected management rationalization and benefits there from; and the future financial and operating performance of Alston and its projects. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social risks and uncertainties; risks relating to oil and gas exploration and exploitation activities; oil and gas prices; acquisition risks; risks relating to greater resources, time and attention will be spent on the Acquisition than anticipated; and delays in obtaining regulatory approvals. Although Alston has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Alston does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Neither 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.

Alston Energy Inc.
Don Umbach
(403) 245-4261
(403) 229-9128 (FAX)

Alston Energy Inc.
Troy Winsor
(604) 466-8934 or 1-800-663-8072

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