Advantagewon Oil Corp ANTGF

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Advantagewon Announces Redemption of Securities Held, Debt Reduction, Cash Received and Payments Due C.AOC| 19 hours ago Toronto, Ontario--(Newsfile Corp. - September 13, 2018) - Advantagewon Oil Corp. (CSE: AOC) (OTCQB: ANTGF) (the "Corporation", "Advantagewon", "AOC") announces Redemption of Securities Held, Debt Reduction, Cash Received and Payments due. As detailed in the Corporation Q2 Financial Statements, on July 6, 2018, an agreement was reached with Gunpowder Capital Corp. ("Gunpowder", "GPC") for the redemption of 91,470 Class - A Preferred Shares of GPC previously owned by the Corporation. Gunpowder has redeemed 91,470 Class - A Preferred Shares for net proceeds of $832,230. These proceeds were applied to debt owed by AOC to GPC. The total debt owed to GPC of $442,792 was fully retired eliminating monthly principal payments of $15,000 CDN plus interest at an average rate of 14.2 % per annum. $142,207 was received as cash and the remaining $238,231 will be paid in seven installments of $34,033. As of the date of this press release payments have been received for August and September 2018. The Corporation has entered into an agreement whereby two of the Directors of the Corporation and certain contractors have agreed to receive their compensation in common shares of the Corporation at a deemed price of $0.08 CDN per common share. Over the next year, a total of 3,085,000 shares will be issued in place of cash payments of $246,800 to these Directors and contractors. All shares issued in will be subject to a four month plus one day hold period under applicable Canadian securities laws. Mr. Charles Dove Stated: "The retirement of the debt announced and payment in shares to certain Board members and contractors as stated above will save the Corporation approximately $39,000 CDN per month in cash expenditures. The Corporation is working to both rapidly increase its incoming revenues and decrease its debt and other payment obligations. I appreciate the confidence the Board members and contractors have shown in accepting compensation in shares vs. cash. As stated in the Corporation's Sept 5th, 2018 press release, the Corporation has recently unlocked $63,000.00 USD in gross revenue on a monthly basis by simply locating and recommissioning inactive wells on our properties. We anticipate further increased production from these recommissioned wells combined with further increased production from the wells recently put online at our Wiseman lease." About Advantagewon Oil Corp. Advantagewon is focused on building consistent cash flow from low cost, low risk oil wells in the State of Texas. AOC applies specialized expertise to increase oil recovery from 10-15% to up to 75% for each well. Once the enhanced recovery strategy is successfully applied, AOC will repeat the process throughout the oil pool to maximize output and minimize cost and risk. Advantagewon's common shares are listed on the OTC Markets in the United States and on the Canadian Securities Exchange ("CSE") in Canada. Advantagewon is a member of the CSE Composite Index (CSE: AOC). For more information please visitwww.aoc-oil.com. For further information please contact: Mr. Charles Dove CEO & Director Advantagewon Oil Corp. T: [phone] E:[e-mail] W:www.aoc-oil.com Mr. Paul Haber Chairman & Director Advantagewon Oil Corp. T: [phone] E:[e-mail] W:www.aoc-oil.com Mr. Frank Kordy Secretary & Director Advantagewon Oil Corp. T: [phone] E:[e-mail] W:www.aoc-oil.com Forward-Looking Statements Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. 30 image: https://www.newsfilecorp.com/newsinfo/38649/170 Tags: ENERGYOIL-GAS-E-P Rate this press release image: https://www.stockhouse.com/Stockhouse/images/stars-mask.png v 0Share0Tweet0Share6 Related NewsStockhouse @ the Bell: TSX lower after Dollerama & cannabis losses16 hours ago image: https://www.stockhouse.com/Stockhouse/images/stars-mask.png Stockhouse @ the Bell: Financial stock losses hurt TSX1 day ago image: https://www.stockhouse.com/Stockhouse/images/stars-mask.png Stockhouse @ the Bell: TSX flat after energy sector drains2 days ago image: https://www.stockhouse.com/Stockhouse/images/stars-mask.png Recent U.S. Press ReleasesSojourn Announces Acquisition of Seven Properties in British Columbia, New...40 minutes ago INDUSTRIAL METALS & MINERALS image: https://www.stockhouse.com/Stockhouse/images/stars-mask.png TerraX expands Giant/Con gold system in the Gull and Rater Lake areas...1 hour ago GOLD image: https://www.stockhouse.com/Stockhouse/images/stars-mask.png Makena Grants Stock Options5 hours ago INDUSTRIAL METALS & MINER Read more at https://www.stockhouse.com/news/press-releases/2018/09/13/advantagewon-announces-redemption-of-securities-held-debt-reduction-cash#b4GvQwu1q0BYI2x3.99