New Issue: Excelsior Energy to conduct C$8.72 million placement of stock

By Devika Patel

Knoxville, Tenn., Nov. 20 - Excelsior Energy Ltd. said it has entered into an agreement with a syndicate of agents led by Canaccord Capital Corp. and including Orion Securities Inc. and Blackmont Capital Inc. for an C$8,716,084 private placement of shares. The deal priced on Nov. 20 for C$7 million and was upsized a few hours later.

The company will sell 2,819,200 common shares at C$0.52 each for C$1,465,984 and up to 11,154,000 flow-through shares at C$0.65 apiece for C$7,250,100.

The agents will be paid a 6% cash commission and also will receive one-year broker warrants exercisable at C$0.75 each for a number of common shares equal to 6% of the shares sold.

Proceeds will be used for exploration, development and general corporate purposes. Settlement is expected on Dec. 12.

Calgary, Alta.-based Excelsior is active in oil sands exploration and appraisal.

Issuer:	Excelsior Energy Ltd.
Issue:	Common shares, flow-through shares
Total amount:	C$8,716,084
Warrants:	No
Agents:	Canaccord Capital Corp. (lead), Orion Securities Inc., Blackmont Capital Inc.
Fees:	6% in cash and warrants
Pricing date:	Nov. 20
Upsized:	Nov. 20
Settlement date:	Dec. 12
Stock symbol:	TSX Venture: ELE
Stock price:	C$0.52 at close Nov. 20
Common shares
Amount:	C$1,465,984
Shares:	2,819,200
Price:	C$0.52
Flow-through shares
Amount:	C$7,250,100
Shares:	11,154,000 (maximum)
Price:	C$0.65

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