Listed:
Last:
Change:
Volume:
High: Low:
 
Last Trade Time

Company News

Ante5, Inc. Announces It Is Well On Its Way To Raising $6 - $10 Million Dollars In A Private Placement At $1.00 Per Share

Download PDF

LAS VEGAS, Nov. 3, 2010 /PRNewswire-FirstCall/ -- Ante5, Inc. (Pink Sheets: ANFC), a Delaware corporation (the "Company") announced today that in the first two days during which funds could be received in response to its Private Placement Memorandum, hard commitments for $2.6 million dollars have been received, with indications of interest in excess of $6 million. Shares of common stock are being issued in the Private Placement at $1.00 per share. Proceeds from the raise will be used to launch the Company into the North Dakota oil business, focusing on obtaining and exploiting leases in the Williston Basin, primarily targeting the Bakken and Three Forks formations. The placement is being made only to prospective investors already identified with whom we have a previous existing relationship.

"The process is moving so quickly," said Ante5 Board Member, Lyle Berman. "We thought it was important to let current and potential shareholders know of our progress."

On October 14th, Ante5 announced an Asset Purchase Agreement (the "APA") with Twin Cities Technical and Irish Oil and Gas to acquire mineral leases in approximately 3,700 acres in the Williston Basin, North Dakota. Roughly $2.9 million of the funds from the Private Placement will be used to close the APA, with the remaining cash to be deployed developing our existing acreage and perhaps acquiring additional leases. On October 29th, Ante5 exercised its right to extend the closing date to November 13, 2010.

"We continue to think this is a great business," continued Mr. Berman. "And we believe this is a unique opportunity for our company to deploy capital for high-rate returns."

About Ante5, Inc.

Ante5, Inc. ("Ante5," "we," or the "Company") is a publicly traded Delaware corporation and former wholly-owned subsidiary of ante4, Inc. (now known as Voyager Oil & Gas, Inc.), which spun off Ante5 to its shareholders in April 2010. Our former parent company transferred substantially all of its non-cash assets and some cash for working capital (together, the "Ante5 Assets") to us when we were its wholly-owned subsidiary. As the owner of the Ante5 Assets, we are the successors to our former parent company's royalty and other passive rights in the entertainment and gaming industries.

Our new focus is reflected in the asset purchase agreement ("APA") that we recently made with Twin City Technical, LLC, a North Dakota limited liability company, and Irish Oil and Gas, Inc., a Nevada corporation (collectively, the "Sellers"), to acquire substantially all of the Sellers' ownership in several mineral leases located in North Dakota. Upon the closing of the transactions contemplated by the APA, we will be engaged in acreage acquisition and the development and production of oil and gas reserves, initially in the Williston Basin in North Dakota targeting the Bakken and Three Forks Formations. We are currently a publicly traded corporation with our common stock trading on the Pink Sheets under the symbol ANFC.

While the Company is confident that it will close the pending acquisition under the APA and raise sufficient capital to acquire and develop those oil and gas properties in the Williston Basin in North Dakota, there is no assurance regarding the accomplishment of those goals. Furthermore, the Company may modify the terms of the private placement.

Statement under the Private Securities Litigation Reform Act:

With the exception of the historical information contained in this Release, the matters described herein contain forward-looking statements that involve risk and uncertainties that may individually or mutually impact the matters herein described, including but not limited to: the ability of the Company to increase revenues in the future due to the developing and unpredictable markets for its products, the ability to achieve a positive cash flow, the ability to obtain orders for or install its products, the ability to obtain new customers and the ability to continue to commercialize its products, which could cause actual results or revenues to differ materially from those contemplated by these statements.

For further information please contact Steven R. Lipscomb, Chief Executive Officer at (323) 330-9881.