pcNewsWire – Westcore Energy Ltd. (TSX-V: WTR) has completed its previously announced non-brokered private placement of 4,000,000 units at $0.15 per unit for gross proceeds of $600,000.
Proceeds will be used to continue advancing the company’s oil and gas assets.
Westcore Energy Ltd. Announces Closing of $600,000 Equity Financing
SASKATOON, SASKATCHEWAN–(Marketwired – May 16, 2017) – Westcore Energy Ltd. (“Westcore” or the “Company”) (TSX VENTURE:WTR) is pleased to announce that it has completed its previously announced non-brokered private placement (the “Private Placement”) for aggregate gross proceeds of $600,000. An aggregate of 4,000,000 units have been issued, each at a subscription price of $0.15 per unit, with each unit consisting of one common share of the Company and one common share purchase warrant. Each whole warrant entitles the holder thereof to acquire one common share at a price of $0.25 per common share for a period of 24 months from the date of issuance. Certain directors, officers and other insiders of the Company have participated in the Private Placement and, collectively, have acquired 2,906,667 common shares under the Private Placement. With the participation of Insiders, the financing constitutes a related party transaction under Multilateral Instrument 61-101 – “Protection of Minority Security Holders in Special Transactions”. Exemptions are available from the minority shareholder approval and valuation requirements set forth in the foregoing Multilateral Instrument.
The proceeds from the Private Placement will be used to continue advancing the Company’s oil and gas assets. All of the common shares and warrants issued in connection with this financing are subject to a statutory four-month hold period in accordance with applicable securities laws, which will expire on September 17, 2017.
We seek Safe Harbor
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.
Westcore Energy Ltd.
Vice President and Chief Operating Officer