US Oil Sands Inc. announced the closing of the previously announced $80 million private placement financing of US Oil Sands (the "Financing") with strategic investors Blue Pacific Investments Group Ltd. (through Oil Associates, S.A.) ("Oil Associates"), Anchorage Capital Group, L.L.C. (through ACMO S.à.r.l.) ("ACMO") and Spitfire Ventures, LLC ("Spitfire") and certain accredited investors. The Financing was over-subscribed and gross proceeds will be approximately $81 million following receipt of an additional $1 million in subscription proceeds, which the Company expects to receive imminently.

Pursuant to the terms of the Financing, US Oil Sands has appointed to its Board of Directors (the "Board") Serafino Iacono and Ronald Pantin as nominees of Oil Associates, Stephen Lehner as a nominee of ACMO, and Alfred Holcomb as a nominee of Spitfire. Kevin Ulrich of ACMO and Rod Lewis of Spitfire who were previously announced as incoming directors will act as observers to the Board. Due to other commitments, Frank Giustra will not be appointed to the Board. As observers, Kevin Ulrich and Rod Lewis will attend Board meetings and lend their expertise and extensive experience to the US Oil Sands team.

Tags: US Oil Sands Inc.