Closing of Final Tranche of Financing & Termination of LOI Toronto, Ontario--(Newsfile Corp. - July 30, 2021) - Advantagewon Oil Corp., (CSE: AOC), (OTC Pink: ANTGF), (the "Corporation", "Advantagewon" or "AOC"), is pleased to announce that it has closed the final tranche of its previously announced non-brokered private placement (the "Offering").The final tranche of 483,667 units (the "Units") of the Corporation at a price of $0.30 per Unit for gross proceeds of approximately $145,100 was closed on July 30, 2021. Pursuant to the Offering, the Corporation issued an aggregate of 4,452,000 Units for aggregate gross proceeds of $1,335,600. The Corporation intends to use the net proceeds of the Offering for working capital and general corporate purposes.
Each Unit is comprised of one common share in the capital of the Corporation (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.75, for a period expiring on the earlier of: (1) 24 months from the closing date, and (2) in the event that the closing price (or closing bid price on days when there are no trades) of the Common Shares on the Canadian Securities Exchange (the "CSE") is at least $1.50 for a minimum of 10 consecutive trading days, AOC may provide written notice to the holders of the Warrants requiring them to exercise such Warrants within 30 days following the date of issuance of such written notice.
In connection with the final tranche of the Offering, no finder's fees were paid and no compensation securities were issued. All securities issued in connection with the Offering are subject to a four month and a day hold period under applicable securities laws. For more information on the initial tranche of the Offering, please see the Corporation's news release dated June 9, 2021.
In addition, the Corporation announces that its previously announced letter of intent (the "LOI") with Greenfield Investments Ltd., an arm's length private company, has been terminated in accordance with the terms of the LOI. For more information on the details of the LOI, please see the Corporation's news release dated May 13, 2021.