CALGARY, June 5 /CNW/ - Connacher Oil and Gas Limited ("Connacher" - CLL - TSX) announces that it has closed its previously announced equity financing (the "Offering") of 191,762,500 common shares ("Common Shares") at a price of $0.90 per Common Share (the "Offering Price") for gross proceeds of $172,586,250, which includes the proceeds from the exercise in full by the underwriters of an over-allotment option to purchase an additional 25,012,500 Common Shares at the Offering Price. The Offering was underwritten by a syndicate with RBC Capital Markets as sole bookrunner and co-lead manager, together with Credit Suisse Securities (Canada), Inc. and TD Securities Inc. as the other co-lead managers and also including Scotia Capital Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd. and Raymond James Ltd.

Upon closing of the Offering, Connacher has 403,473,442 Common Shares (443,915,457 Common shares on a fully diluted basis) issued and outstanding.