Angle Energy Inc. Completes $46.8 Million Bought Deal Financing

Angle Energy Inc. (TSX:NGL) reported that the company has closed its recently announced bought deal financing of 6,080,000 common shares at $7.70 per Common Share for aggregate gross proceeds of approximately $46.8 million which included the exercise in full of the over-allotment option of 780,000 Common Shares.

The press release is quoted as saying:

The net proceeds from the Offering will be used primarily by the Company to fund an acceleration of its oil focused drilling program in 2010 in the Lone Pine Creek area on the newly discovered Wabamun oil pool (additional 3 wells minimum), the Ferrier area in the Cardium play (additional 2-3 wells), and the Harmattan area in the Viking and Cardium plays (additional 3-4 wells) for an estimated $35 million in aggregate, and the excess will be expended for Crown land purchases, ongoing capital expenditures and for general corporate purposes.

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