/NOT FOR DISTRIBUTION TO UNITED
STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER,
Dec. 16, 2013 /CNW/ - Terrace Energy
Corp. ("Terrace" or the "Company") (TSX-V: TZR), (OTCQX: TCRRF);
(FRANKFURT: 2TR) is pleased
to announce it has obtained a receipt for its preliminary short
form prospectus dated December 16,
2013, filed with the securities regulatory authorities in
British Columbia, Alberta, and Ontario, with respect to a public offering
(the "Offering"), on a "commercially reasonable efforts" basis, of
common shares (the "Common Shares") through Canaccord Genuity Corp.
(the "Agent"). The pricing of the Common Shares and the size of the
Offering will be determined in the context of the market.
The Offering is expected to close in early
January 2014 and is subject to
certain conditions, including, but not limited to completion of due
diligence by the Agent, and receipt of all necessary approvals,
including approval of the TSX Venture Exchange.
The Company plans to use the net proceeds from
the Offering to fund the Company's 2014 exploration and development
programs and for general working capital purposes.
About Terrace
Terrace Energy is an oil & gas development
stage company that is focused on unconventional oil extraction in
onshore areas of the United
States, particularly in South
Texas.
ON BEHALF OF THE BOARD OF DIRECTORS
"Dan Carriere"
Dan Carriere, Chairman
Caution to Reader
Forward-Looking Information and Statements
This news release includes certain
"forward-looking statements" or "forward-looking information"
within the meaning of applicable securities laws. All statements
other than statements of historical fact included in this release,
including, without limitation, statements regarding the Company's
proposed Offering, the timing thereof and the intended use of
proceeds from the Offering, are forward-looking statements that
involve various risks and uncertainties. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company, including the possible failure to realize the
anticipated benefits of the use of proceeds of the Offering, to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such statements reflect the current views of the
Company with respect to future events and operating performance,
and speak as of the date of this document. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's plans or
expectations include availability of capital and financing; general
economic, market or business conditions; regulatory changes;
timeliness of government or regulatory reviews and approvals; risks
inherent in the oil and gas exploration and production industry;
and other risks detailed herein, in the preliminary prospectus,
under the heading "Risk Factors" in the Company's Annual
Information Form for the year ended January
31, 2013 and from time to time in the filings made by the
Company with securities regulators. The risks outlined herein
should not be considered exhaustive. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise except as otherwise required by
applicable securities legislation.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities have not
been registered under the U.S. Securities Act of 1933, as amended
(the "U.S. Securities Act"), or any U.S. state securities laws and
may not be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements of the U.S. Securities Act and
applicable U.S. state securities laws. The Common Shares may be
sold in eligible foreign jurisdictions to qualified investors in
accordance with applicable regulations such that no prospectus,
registration statement or similar document is required to be filed
in any jurisdiction outside of Canada.
NEITHER THE 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.
SOURCE Terrace Energy Corp.