Bullboard - Stock Discussion Forum Oracle Energy Corp V.OEC.H

Alternate Symbol(s): OECPF

Energy Oil & Gas E&P

Oracle Energy Corp. is a Canada-based oil and gas development company. The Company is engaged in the business of acquiring, exploring, and evaluating oil and gas properties and developing these properties further or disposing of them when the evaluation is completed. The Company has not generated any revenue.

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TSXV:OEC.H - Post Discussion

Oracle Energy Corp > First tranche of PP to fund acquisition of Texas play

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Post by HHAPPY on Oct 31, 2018 5:54pm

First tranche of PP to fund acquisition of Texas play

Oracle Energy Corp. (TSXV: OEC) (FSE: O2E)("Oracle" or the "Company") announces, subject to regulatory approval, the closing of the first tranche of the non-brokered private placement offering (the "Offering"), issuing 5,035,000 units, consisting of one common share in the capital of the Company (the "Common Shares") and one Common Share purchase warrant for gross proceeds of $402,800.00. Certain eligible persons ("Finders") were paid a cash fee equal to 7% of the proceeds raised from subscribers introduced by such Finders and 7% Finder warrants. The net proceeds of the Offering will be used to fund the ongoing acquisition of Texas Eagleford assets by Oracle Oil and Gas LLC, a wholly owned subsidiary of Oracle, and for general corporate purposes. The Company intends to close additional tranches of the Offering in the short term.

Closing of the Offering is subject to regulatory approval including that of the TSX Venture Exchange ("TSXV"). All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.