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Sunset Pacific Petroleum Ltd SSPAF

"Sunset Pacific Petroleum Ltd is a junior resource exploration company based in Canada. It engaged in the acquisition, exploration, and development of oil and gas properties in Tunisia, North Africa. The company properties include Bougie Trutch and Trutch East."


GREY:SSPAF - Post by User

Comment by Hotstocksdotcomon Jan 15, 2018 2:16am
57 Views
Post# 27356401

RE:Low vol

RE:Low volIs this why you want it back at 0.02? Good luck... "EVENTS AFTER THE REPORTING PERIOD On October 25, 2017 the Company announced the grant of incentive stock options to certain directors, officers and consultants of the Company to purchase up to an aggregate of 1,800,000 common shares of the Company pursuant to the Companys share option plan. The options are exercisable for a period of five years at a price of $0.05/share. On November 8, 2017 the Company announced a non-brokered private placement of up to 10,000,000 units of the Company at a price of $0.02/unit for proceeds of up to $200,000 (the Offering). Each unit will be comprised of one common share and one share purchase warrant. Each warrant will be exercisable into an additional common share of the Company for a period of five years at a price of $0.05/warrant share. The offering is being made available to existing shareholders of the Company who qualify under the existing security holder prospectus exemption available in certain jurisdictions in Canada (the Existing Security Holder Exemption). As the Existing Security Holder Exemption contains certain restrictions and is only available in certain jurisdictions in Canada, others that do not qualify under the Existing Security Holder Exemption may qualify to participate under other prospectus exemptions, such as the accredited investor prospectus exemption. To comply with the criteria of the Existing Security Holder Exemption, the ability of existing shareholders holders to participate in the Offering is subject to, among other criteria, the following: November 7, 2017 has been set as the record date (the Record Date) for the purpose of determining existing security holders entitled to purchase Units pursuant to the Existing Shareholder Exemption. To participate, a qualified shareholder must deliver an executed subscription agreement in the required form, which will include the requirements of the Existing Security Holder Exemption (including, among other things, that the subscriber was as of the Record Date and continues to be as of the date of closing, a shareholder of the Company and that the subscriber is purchasing the Units as principal for his or her own account). Contact information to obtain the subscription form is set out below. The aggregate acquisition cost to a subscriber under the Existing Security Holder Exemption cannot exceed $15,000 per twelve (12) month period unless that subscriber has obtained advice from a registered investment dealer regarding the suitability of the investment. There is no minimum Offering. The maximum amount proposed to be raised under the Offering is $200,000. Subscriptions will be accepted by the Company on a first come, first served basis, where subscribers who are first to submit a completed subscription agreement and pay the corresponding subscription proceeds will be accepted up until the maximum amount of the Offering is reached. Therefore, if the Offering is oversubscribed it is possible that a shareholders subscription may not be accepted by the Company. The Company intends to use the proceeds raised under the Offering of up to $200,000 to maintain its existing operations, activities and assets and to pay outstanding trade payables. The use of proceeds of the Offering set out above will be adjusted pro rata subject to the funds raised at the time of closing of the Offering. The Offering is expected to close on or before November 30, 2017, subject to approval of the TSX Venture Exchange, or such other date as may be determined by the Company in compliance with TSXV policies. All securities issued under the Offering will be subject to a statutory four month hold period."
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