Completion of PP to complete acquisition of Texas Eagleford. ORACLE CLOSES $0.08 UNIT FINANCING
Oracle Energy Corp. has submitted documents to the TSX Venture Exchange for approval for the final close of its eight-cent unit financing previously announced Oct. 31, 2018.
Subject to regulatory approval the company will issue 7,035,000 units at eight cents per unit for gross proceeds of $552,800. Each unit consists of one common share of the company and one common share purchase warrant, with each warrant being exercisable at 12 cents for 24 months. The company is paying a cash finders fees of $28,196 and issuing 352,450 broker warrants exercisable at eight cents for 24 months in relation to this financing. Net proceeds from the financing will be used to financing the continuing acquisition of the Texas Eagleford assets by Oracle Oil and Gas LLC, a wholly owned subsidiary of Oracle, and for general corporate purposes.
All of the securities issued pursuant to the offering will be subject to a four-month-plus-one-day hold period from the date of closing.
About Oracle Energy Corp.
Oracle Energy is an oil and gas development company focused on acquiring development assets in North America and with a current focus in the Texas Eagle Ford.