(via Thenewswire.ca)
Vancouver, B.C., May 17, 2013 - UMBRAL ENERGY CORP. (TSX-V: UMB) (the "Company" or "Umbral") announces the appointment of Mr. Clint Sharples as a Director and Kristina Khersonski as Corporate Secretary and Chief Financial Officer for the Company. Also, the Company closes 2nd and final Tranche of a non-brokered Private Placement.
Clint Sharples is a partner in First Growth Management, a small private equity company formed in 2005. Clint's primary roles for FGM include CEO of Modu-Loc Fence Rentals, and Paramount Pallet, as well he is the Chairman of Strategic Aviation Services and US Pressure Test. Clint currently sits on the board of CBM Asia Development Corp, a TSX Venture listed company.
Kristina Khersonski is an accountant with 12 years experience providing consulting and financial services to public companies in various industries, including the natural resource sector. From 2004 to 2011 Kristina was a part of Pacific Opportunity Capital team and provided Client services to publicly traded mineral exploration companies in British Columbia. From 2001 to 2004 Kristina served as a Corporate Accountant in client services at Dawn Pacific Management Corporation, an accounting and regulatory maintenance services firm in British Columbia.
Greg Kennedy has resigned as a Director & Corporate Secretary of the Company. Also, Pradeep Varshney has resigned as Chief Financial Officer. The Company wishes both Mr. Kennedy and Mr. Varshney well and thank them for their service.
Further to the news of February 25, 2013 and April 4, 2013 announcing a non-brokered private placement consisting of up to 40,000,000 units (the "Units") at a purchase price of $0.05 per Unit to raise gross proceeds of up to $2,000,000 (the "Private Placement"). Each unit will consist of one common share in the capital of the Company and one share purchase warrant (a "Warrant"). Each full warrant will entitle the holder to purchase one additional common share in the capital of the Company for a period of five years, at a purchase price of $0.10 per Share.
The Company has completed the second (and final) tranche of this Private Placement (the "Second Tranche"). The Company has issued a total of 1,370,000 Units at $0.05 per unit for gross proceeds of $68,500. The Warrants in the Second Tranche as issued to subscribers expire on May 16, 2018.
Finders' fees totalling $200 will be paid, and the Company will issue a total of 4,000 finders' warrants on a portion of the funds raised to eligible finders in the Second Tranche, on the same terms as that of the Warrants issued to subscribers to the Second Tranche.
All shares issued pursuant to the Second Tranche, together with any shares issuable on the exercise of the warrants have a hold period expiring on September 17, 2013.
The proceeds of the Private Placement will be used for general working capital.
About Umbral Energy Corp.
Umbral Energy Corp. is a resource company focused on the exploration of the Letourneur Property in the Abitibi region of southwestern Quebec and strategic alliances in resource plays and conventional oil production assets, in Canada, to increase shareholder value with focus on growth in production and cash flow. Management continues to review other opportunities in the resource sector.
The Company has a 25% interest in the Little Bow Prospect, located in Southern Alberta, Aroway Energy Corp. is the operator and has a significant track record of success.
The Company's Letourneur property is located in the Abitibi region of southwestern Quebec, 41 km north of Rouyn-Noranda. The property consists of 95 mineral claims for a total area of approximately 4,351 hectares. The property is easily reached by paved and gravel roads and the main showing sits only 1 km from a well-maintained gravel road. A two phase drilling campaign was conducted, consisting of 15 drill holes totaling 2,190 meters and completed during the period of May to September 2010; the second program in the Fall of 2011 consisted of 8 additional drill holes for 944 metres. Further work is contemplated on the Letourneur Property.
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
"Jag Bal"
Jagdip Bal
President and CEO
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 release.
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