Petroleum Africa
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Thursday, May 11, 2017
Release
Oyster Oil and Gas Ltd. (“Oyster” or the “Company”) is pleased to announce that it has closed the first tranche (the “First Tranche”) of its previously announced non-brokered private placement financing (the “Financing”).
An aggregate of 2,125,000 units (the “Units”) at a price of $0.40 per Unit were issued in the First Tranche for gross proceeds of $850,000. The Company currently expects to close a second and final tranche of the Financing for gross proceeds of approximately $450,000 on or before June 5, 2017.
Net proceeds from the Financing will be used by the Company for working capital.
Each Unit consists of one common share of the Company (each, a “Share”) and one-half of one transferable common share purchase warrant (each, whole warrant, a “Warrant”). Each Warrant is exercisable at a price of $0.45 until November 10, 2018.
In the First Tranche closing, the Company paid finders fees of 6% cash in the aggregate amount of $25,500.
The Shares and Warrants are subject to a hold period expiring September 11, 2017. The Financing remains subject to final acceptance of the TSX Venture Exchange.
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