Terrace Energy

[dan_s]

Keep an eye on this puppy. They are primarily traded in Canada, but their operations are primarily in Texas. I talked to the CEO yesterday and he was very upbeat about their new capital. - Dan

VANCOUVER , July 29, 2014 /CNW/ - Terrace Energy Corp. (the "Company") (TSXV: TZR, OTCQX: TCRRF; FRANKFURT : 2TR) is pleased to announce that Canaccord Genuity Corp. ("Canaccord"), on behalf of a syndicate of underwriters comprising Canaccord, Cormark Securities Inc., GMP Securities L.P. and Salman Partners Inc., has provided notice of the exercise of the underwriters' over-allotment option to purchase an additional 1,623,000 common shares of the Company at a price of $1.85 per share for total gross proceeds of $3,002,550 under the Company's short-form prospectus dated July 17, 2014 (the "Prospectus").

The closing of the exercise of the over-allotment option is scheduled to take place on Thursday, July 31, 2014 . The underwriters will receive a cash commission equal to 6.5% of the gross proceeds raised.

Aggregate gross proceeds raised from the base offering of 10,820,000 common shares completed on July 23, 2014 and the over-allotment option will total $23,019,550 .

The Company plans to use the net proceeds from the offering towards exploration and evaluation work on its Maverick County , Big Wells and Northwest AWP projects, and for general corporate purposes, as disclosed in the Prospectus.

About Terrace Energy

Terrace Energy is an oil & gas development stage company that is focused on unconventional oil & gas extraction in onshore areas of the United States , particularly in Southern Texas .