(via Thenewswire.ca)
Vancouver, B.C., November 5, 2013 - UMBRAL ENERGY CORP. (TSX-V: UMB) (the "Company" or "Umbral") announces that non-brokered private placement consisting of up to 10,000,000 units (the "Units") at a purchase price of $0.05 per Unit to raise gross proceeds of up to $500,000 (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 5 years, at a purchase price of $0.06 per Share.
The Company may pay a finder's fee in connection with the Private Placement within the maximum amount permitted by the policies of the Exchange. Certain directors, officers and insiders of the Company may participate in the Private Placement. The Private Placement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Exchange. All securities issued in connection with the Private Placement 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.
The net proceeds from the Private Placement will be used by the Company 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.
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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