/ Not for dissemination in the United States or through U.S. newswires/
TORONTO, Nov. 8, 2012 /CNW/ - ECO (ATLANTIC) OIL & GAS LTD. (TSX-V: EOG, NSX: EOG.) Eco (Atlantic) Oil & Gas Ltd. (" Eco Atlantic" or the " Company") is pleased to announce that it has arranged a non-brokered private placement of CDN$3,200,000 through the issue of 8,000,000 common shares of the Company (each, a " Common Share") at a price of $0.40 per Common Share (the " Offering").
The Company has entered into agreements with certain subscribers, including Azimuth Ltd. an exploration and production company jointly owned by Seacrest Capital Ltd. and Petroleum Geo-Services ASA (" PGS"), insiders and new investors to participate in the private placement.
CEO of Eco Atlantic, Gil Holzman , commented: " We are encouraged to have the support of existing and new shareholders in these challenging markets, and pleased that our E&P partner company, Azimuth Ltd, has decided to participate in this financing. The strengthening of our treasury allows us to further advance our work program offshore Namibia."Closing is expected to occur on or about November 16th, 2012. In connection with the Offering, Eco Atlantic expects to pay a finder's fee consisting of cash and/or compensation warrants on terms to be agreed upon on an individual basis. The securities issued under this private placement will be subject to a statutory four month hold period and the net proceeds will be used for working capital purposes.