TOSCANA ENERGY INCOME CORPORATION ANNOUNCES CLOSING OF $6 MILLION PRIVATE PLACEMENT

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CALGARY, Nov. 26, 2012 /CNW/ – Toscana Energy Income Corporation (the “Company”) (TSXV: TEI) is pleased to announce that it has closed its previously announced private placement offering of 400,000  common shares of the Company (the “Common Shares”) to affiliates of Sprott Inc. at an issue price of $15.00 per Common Share for gross proceeds of $6.0 million (the “Private Placement”). This closing follows the previously announced closing of a brokered private placement offering on November 22, 2012 of 666,700 common share special warrants (“Common Share Special Warrants”) sold by a syndicate of underwriters at a price of $15.00 per Common Share Special Warrant for gross proceeds of approximately $10 million.  The aggregate gross proceeds raised by the Company in connection with both offerings is approximately $16 million.

About Toscana Energy Income Corporation

Toscana Energy Income Corporation is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets including royalties, non-operated working interests and unitized production for yield and capital appreciation. Toscana Energy Income Corporation is managed by Sprott Toscana through Toscana Energy Corporation. Sprott Toscana is a member of the Sprott Group of Companies.

About Sprott Toscana

Sprott Toscana (formerly Toscana Merchant Group) is a team of Calgary-based energy specialists that manage three separate businesses: Toscana Energy Income Corporation (through Toscana Energy Corporation), Toscana Financial Income Trust and Maple Leaf Energy Income LPs. In July 2012, Toscana Merchant Group joined the Sprott Group of Companies when it was acquired by Sprott Inc. (TSX: SII), Canada’s leading alternative asset manager and a global leader in resource investing.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Toscana Energy Income Corporation