pcNewsWire – Oyster Oil and Gas Ltd. (TSX-V: OY) intends to close a private placement of up to 2,000,000 units at $0.50 per unit for gross proceeds of up to $1,000,000.
Proceeds are expected to be used for working capital and general corporate purposes.
TSX-V Trading Symbol: OY
Oyster Oil and Gas Ltd. Announces Proposed Financing
Vancouver, British Columbia – May 31, 2017 – Oyster Oil and Gas Ltd. (“Oyster” or the “Company”) is pleased to announce that it intends to carry out a private placement financing (the “Financing”) for aggregate gross proceeds of up to CAD$1,000,000 by issuing up to 2,000,000 units (each, a “Unit”) at a subscription price of CAD$0.50 per Unit. Each Unit will consist of one common share (each, a “Common Share”) and one transferrable common share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of CAD$0.55 for a period of two years from the date of issue. Proceeds from the Financing are expected to be used for working capital and general corporate purposes.
The Financing may be brokered or non-brokered, may close in one or more tranches, and commissions and/or finder’s fees payable in cash or securities may be paid by the Company in connection with the Financing subject to compliance with TSX Venture Exchange (the “TSXV”) policies. The Financing remains subject to approval of the TSXV and all securities issued pursuant to the Financing will be subject to a hold period as required under applicable securities legislation.
Further to the Company’s new releases dated April 19 and May 10, 2017, as a result of the proposed Financing, the Company will not be proceeding with Tranche 2 of its previously announced private placement.
About Oyster Oil and Gas Ltd.
Oyster is an upstream oil and gas company with a focus on Eastern Africa. Oyster holds production sharing contracts interests with the Government of Djibouti and the Government of Madagascar. Oyster holds four blocks comprising approximately 3.5 million acres onshore and offshore in Djibouti; and holds a working interest in an onshore block in Madagascar covering approximately 2.8 million acres.
For further information please contact: Emily Davis, Corporate Secretary Tel: (604) 628-5616 Fax: (604) 662-7950
SOURCE: Oyster Oil and Gas Ltd.