new reverse split 1 for 2 shares 2023-03-22 16:21 ET - News Release
Mr. Mark Jarvis reports
SHOAL POINT ANNOUNCES PROPOSED CONSOLIDATION AND PRIVATE PLACEMENT
Shoal Point Energy Ltd. intends to consolidate all of its issued and outstanding common shares on a 1:2 basis (two old common shares for each one new common share). The effective date of the consolidation and the new CUSIP for the common shares will be announced in the coming days.
In addition, the company announces a non-brokered private placement of up to 10 million units of the company at a price of five cents per unit (postconsolidation) to raise gross proceeds of up to $500,000. Each unit will consist of one postconsolidation common share and one postconsolidation common share warrant. Each warrant will entitle the holder to acquire a one postconsolidation common share at a price of six cents for two years following completion of the private placement. Finders' fees may be paid on a portion of the private placement and insiders of the company will participate in up to 15 per cent of the private placement. All securities issued pursuant to the private placement will be subject to a statutory hold period of four months and one day from closing.
Completion of the consolidation and the private placement remains subject to the approval of the Canadian Securities Exchange. The company intends to use the net proceeds of the private placement for working capital.
About Shoal Point Energy Ltd.
Shoal Point Energy is a public company listed on the CSE exchange under the symbol SHP. The company is focused on oil and gas exploration in Kansas, and retains its oil and gas interests in the Humber Arm allochthon play in western Newfoundland. The company is also actively evaluating new opportunities.
We seek Safe Harbor.
© 2023 Canjex Publishing Ltd. All rights reserved.