WAVEFIRE.COM INC.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO
FOR IMMEDIATE RELEASE
October 29, 2010 WAVEFIRE ANNOUNCES REACTIVATION ON TSX VENTURE EXCHANGE Wavefire.com Ltd. (the “Company”) (TSXV news release of May 18 , 2010, it has closed its Under the private placement the Company issu to Victor Redekop, the Chairman and of the outstanding common shares of the Company.
The proceeds of the financing will be used to fund the testing and completion of the Kirkwall 5 20-27-5 W4 well, which was awaiting completion. Completion begin later this month. The proceeds will also be used for th two additional wells in the Acadia Area of 30, 2010, after giving effect to the proceeds from the private placement working capital of approximately $ The Company has the right under a farm encumbrances) in the drilling spacing unit and a of land in the Acadia Area lands by incurring 100% of the drilling and abandonment costs.
The TSX Venture Exchange has accepted the effective November 1, 2010, the Company’s shares will commence trading on the Exchange under the symbol WAF The Company’s management and directors consist Charles (Bill) Barker Chris Reimchen Victor Redekop Cuneyt Tirmandi Gerry Gilbert WAVEFIRE.COM INC.
PRESS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
FOR IMMEDIATE RELEASE
WAVEFIRE ANNOUNCES CLOSING OF $2.5 MILLION FINANCING
REACTIVATION ON TSX VENTURE EXCHANGE
Wavefire.com Ltd. (the “Company”) (TSXV-WAF.H) is pleased to announce that, 2010, it has closed its $2.5 million non- brokered private placement.
the Company issued 14,705,882 common shares at $0.17 per share Redekop, the Chairman and a director of the Company. Mr. Redekop now holds 42.9% of the outstanding common shares of the Company.
The proceeds of the financing will be used to fund the testing and completion of the Kirkwall 5 5 W4 well, which was successfully drilled in December 2009 and curren Completion operations and extended flow testing of. The proceeds will also be used for th e drilling, testing and two additional wells in the Acadia Area of Alberta, and for working capital.
, 2010, after giving effect to the proceeds from the private placement working capital of approximately $1,819,240.
The Company has the right under a farm -in agreement to earn 100% int erest (subject to existing encumbrances) in the drilling spacing unit and a 85% interest in the balance of the three sections of land in the Acadia Area lands by incurring 100% of the drilling and abandonment costs.
The TSX Venture Exchange has accepted the Company’s application for reactivation and the Company’s shares will commence trading on the Exchange under the symbol WAF.
The Company’s management and directors consistof: President and Director Chief Financial Officer and Director Chairman and Director Director Director
800, 906 12 Avenue SW
Calgary, Alberta T2R 1K7 Phone (403) 244-5340 Fax (403) 245-5156 NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR $2.5 MILLION FINANCING AND REACTIVATION ON TSX VENTURE EXCHANGE WAF.H) is pleased to announce that further to its brokered private placement.
14,705,882 common shares at $0.17 per share Mr. Redekop now holds 42.9% The proceeds of the financing will be used to fund the testing and completion of the Kirkwall 5 - and currently stands cased extended flow testing of the well is expected to e drilling, testing and completion of Alberta, and for working capital. As of September, 2010, after giving effect to the proceeds from the private placement , the Company had erest (subject to existing 5% interest in the balance of the three sections of land in the Acadia Area lands by incurring 100% of the drilling and abandonment costs.
’s application for reactivation and the Company’s shares will commence trading on theTSX Venture
- 2 - The Company’s filing statement prepared in connection with the application for reactivation has been filed on SEDAR.
For further information please contact: Wavefire.com Inc.
Victor Redekop, Chairman Tel: (403) 541-5310 Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented constitutes “forward looking statements”. Such forward-looking statements, including but not limited to those with respect to the drilling, testing and completion of the Kirkland and other wells, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forwardlooking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.