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| |   Tue Jan 6, 2009
Century Closes Non-Brokered Private Placement
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| | CENTURY ENERGY LTD
4605 Post Oak Place Dr., Suite 250
Houston, Texas 77027 U.S.A.
Ph. (713) 658-0161 * Fax (713) 222-7158
January 6, 2009 For Immediate Release
TSX Venture: CEY
CENTURY CLOSES NON-BROKERED PRIVATE PLACEMENT
Century Energy Ltd. ("Century" or the "Company"), is pleased to announce that further to its news release dated December 12, 2008, it has closed its non-brokered private placement consisting of 787,350 Units (the "Units") at a price of $0.09 per Unit, yielding the Company gross proceeds of $70,861.05 (the "Offering"). Each Unit consists of one common share of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to acquire one Share of the Company at a price of $0.18 per Share for a period of 24 months from the date of issuance, provided however, that if, on or after the day which is four months plus one day after the date of issuance of the Units, the weighted average trading price of the Company's Shares on the TSX Venture Exchange exceeds $0.25 per Share over a period of 30 consecutive days, at the Company's election, the 24 month period within which the Warrants are exercisable will be reduced and the holders of the Warrants will only be entitled to exercise their Warrants for a period (the "Accelerated Exercise Period") of 30 days commencing on the day following the date the Company issues a news release announcing the Accelerated Exercise Period.
The Company paid finder's fees totalling $1,440.00 in connection with the transaction.
All Shares issued pursuant to the Offering and all Shares issued in connection with the exercise of the Warrants will be subject to a four month hold period expiring on May 1, 2009, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.
Proceeds from the Offering will be used to fund the exploration of the Company's North-American resource properties and as general working capital.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the 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 "U.S. Securities 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 U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Century Energy Ltd.
Century Energy Ltd. is a junior oil and gas exploration company actively pursuing resource opportunities in North America.
FOR FURTHER INFORMATION:
Jimmy McCarroll
President, Century Energy Ltd.
Telephone: (713) 658-0161
Toll Free (U.S. Only): (877) 243-4153
www.centuryenergyltd.com
Maria Da Silva
MarketSmart Communications Inc.
Telephone: (604) 261-4466
Toll Free: (877) 261-4466
www.marketsmart.ca
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. In addition, this release is not for distribution to U.S. Newswire Services or for dissemination in the United States. |
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