BVI Company Financial News

Orca Exploration Group Inc. announced closing of its previously announced rights offering. The BVI Group issued 4,955,687 Class B Subordinated Voting shares at a price of $3.90 per share, for gross proceeds of $19,327,179.

The Class B shares were issued to persons who exercised rights issued under the Rights Offering, and to the company Haywood Securities Inc.

Orca Exploration Group plans to use the proceeds of the Rights Offering for exploration and drilling in the Songo Songo West exploration prospect in Tanzania in the second half of 2011, and to accelerate the commercialisation of the company’s existing gas reserves in Tanzania through the infrastructure development. Some of the funds will be allocated to the development of energy infrastructure through the newly formed division of the company, EastCoast Transmission and Marketing.

Orca Exploration Group Inc., an international company registered in the British Virgin Islands and focused on natural gas exploration, production and development, has announced its intention to initiate a Normal Course Issuer Bid for purchase of its Class “B” Subordinate Voting Shares, through the facilities of the TSX Venture Exchange. Subject to TSXV approval, purchases made pursuant to the Bid will not exceed 1,387,146 of the Class “B” Shares of the BVI company, representing up to 5% of the total amount of Class “B” Shares.

The Bid provisions will have effect in the period from October 10, 2010 to October 9, 2011, and Orca Exploration will not make any purchases under the Bid until after completion of its previously announced rights offering. Orca will spend a maximum of $5,000,000.