Sundance Energy Appoints New Directors
Calgary, Alberta Canada – June 28, 2012 - Sundance Energy Corporation ("Sundance" or the "Corporation") ("SNY" TSX-V) ("SNYXF" OTCQX) would like to announce that due to their involvement as directors and officers of Sundance's partner on its Central Alberta Alexander Property, Mr. Doug Brett and Mr. Michael Koenig have resigned from its board of directors effective June 27, 2012. Sundance's management would like to thank Mr. Brett and Mr. Koenig for their efforts while on the board of directors and looks forward to continuing to work with them through their affiliation with Sundance's partner. The vacancies created by Mr. Brett's and Mr. Koenig's departures will be filled by Mr. Doug Carter and Mr. Nhan Le. Mr. Le will also replace Mr. Koenig on Sundance's Audit Committee.
Mr. Carter, B.A. (Economics), is an Independent Businessman and a Petroleum Landman. Mr. Carter previously worked for Pan Canadian Petroleum Limited, Dome Petroleum Ltd., Bralorne Resources Ltd., Signalta Resources Ltd. and Amethyst Petroleums Ltd.
Mr. Le is a chartered accountant specializing in taxation. Mr. Le obtained his B. Comm in accounting from Concordia University in 1981. Mr. Le articled with Coopers & Lybrand in Calgary where he received his CA designation in 1984. Prior to moving to the aviation sector in 1990, Mr. Le was employed by Unocal Canada Limited from 1985 to 1990 where he became a specialist in oil and gas joint venture audit and taxation. In 1999, Mr. Le was appointed Director, Taxation at Canadian Airlines International Ltd. ("CAIL"), responsible for all tax matters. Since the acquisition of CAIL by Air Canada in 2000, Mr. Le continues to serve Air Canada in his capacity as Director, Taxes and has been involved with a number of complex corporate transactions at Air Canada including the formation of ACE Aviation Holdings Ltd. ("ACE") and the subsequent IPO spin-offs of ACE's subsidiary units; Aeroplan, Jazz and Air Canada. Mr. Le is based in Calgary and is currently the President, CEO and a board member of a number of wholly-owned subsidiaries of Air Canada. Mr. Le has also held numerous officer and director roles with various TSX Venture listed entities.
Flow-Through Private Placement
Sundance would also like to announce that it intends to complete a non-brokered private placement of flow-through units at $0.12 per flow-through unit, for minimum gross proceeds of $500,000 and maximum gross proceeds of $1 million (the “Offering”). Each flow-through unit will consist of one common share to be issued on a “flow-through” basis and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one non flow-through common share at a price of $0.15 per share for a period of one year from the date of closing.
A finder’s fee of 6% of the gross proceeds of the Offering may be paid, on portions of the funds raised pursuant to the Offering, to arm’s-length parties who introduce subscribers for the units. The closing of the Offering is expected to occur on or before July 31, 2012 and is subject to regulatory approval, including approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a hold period of four months from the date of closing. The net proceeds from the Offering will be used to finance Sundance’s continuing capital programs.
Filing of Interim Financials
Sundance further announces that it has filed its interim financial statements for the six month period ended April 30, 2012 and the accompanying management's discussion and analysis.
These filings are available on SEDAR at www.sedar.com.
Sundance Energy Corporation is a junior publicly traded oil and gas company whose primary focus is exploring First Nation Lands in Western Canada. Sundance trades in Canada on the TSX Venture Exchange under the trading symbol “SNY” and on the OTCQX in the U.S.A. under the trading symbol “SNYXF”.
For further information:
Jeffrey Standen, President / CEO