Valeura Energy Inc. ((VLE.TO) is pleased to announce that it has entered into an agreement with a syndicate of underwriters to purchase, on a "bought deal" basis, 11,500,000 common shares of Valeura at a price of $1.30 per common share for gross proceeds of approximately $15.0 million.

The syndicate will be led by Cormark Securities Inc. and includes National Bank Financial Inc., Canaccord Genuity Corp., FirstEnergy Capital Corp., and Jennings Capital Inc.
In addition, the corporation has granted the underwriters an over-allotment option to acquire up to an additional 1,725,000 common shares at a price of $1.30 per common share. If the over-allotment option is exercised in full, additional gross proceeds will be approximately $2.2 million for total gross proceeds of $17.2 million.

The corporation expects to use the net proceeds of the offering to fund the corporation's capital program, including continued field development and exploration operations in Turkey and for general corporate purposes.

The offering will be made in British Columbia, Alberta, Saskatchewan and Ontario by way of short form prospectus. The offering is scheduled to close on or about Oct. 10.