Yangarra Resources arranges C$7 million placement of special warrants

Brokered offering to be conducted by Haywood Securities as lead agent

By Devika Patel

Knoxville, Tenn., Sept. 23 - Yangarra Resources Ltd. said it entered into an agreement for a private placement of special warrants exchangeable for common shares and flow-through special warrants exchangeable for flow-through common shares.

The deal, which will raise between C$7 million and C$10 million, will be conducted on a commercially reasonable best-efforts basis by lead agent Haywood Securities and a syndicate that includes Canaccord Genuity Corp. and Raymond James.

The issue prices of the special warrants have not yet been set.

Yangarra intends to use the proceeds for exploration, development and production of its Willesden Green area property.

The oil and gas company is based in Calgary, Alta.

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