News - PP Closed
I think they got another million
Molori Energy Closes Non-Brokered Private Placement Vancouver, British Columbia - May 30, 2019 - Molori Energy Inc. (TSXV: MOL | OTC: MOLOD) ("Molori" or the Company) announces that it has closed a non-brokered private placement of 18,567,490 units (Units) at a price of $0.055 per Unit for gross proceeds of $1,021,212 (the Offering). Each Unit is comprised of one common share in the capital of the Company (a Share) and onehalf of one common share purchase warrant (each whole warrant, being a Warrant). Each whole Warrant shall be exercisable to acquire one additional Share at a price of $0.10 for a period of two years. The Warrants will include the following acceleration clause: The Warrants may be accelerated by the Company, at its sole option, if the volume weighted average trading price of the Shares of the Company on the TSX Venture Exchange (the TSX-V), or other stock exchange quotation system on which the Shares are then listed or quoted is equal to or greater than $0.50 for a period of twenty (20) consecutive trading days, by giving notice to the holders thereof and, in such case, the Warrants will expire at 4:00 p.m. local time on the earlier of: (i) the 30th day after the date on which such notice is given by the Company in accordance with the terms of the Warrants, and (ii) the actual expiry date of the Warrants. The net proceeds from the Offering will be used for general corporate and working capital purposes. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with the applicable securities legislation. The Company is paying a finders fee which will be issued as 1,510,191 Shares to an arms length qualified party in connection with the closing of the Offering. For further information, please visit the Companys website at www.molorienergy.com or contact Joel Dumaresq CEO and Director Molori Energy Inc. (604) 336 3193 joel@molorienergy.com www.molorienergy.com 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 NEW RELEASE. Cautionary Notes Regarding Forward Looking Statements This News Release contains forward-looking statements. Forward-looking statements include but are not limited to those with respect to the prices of oil and gas, the estimation of oil and gas resources and reserves, the realization of oil and gas reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for