NEW YORK, NY, United States, via ETELIGIS INC., 10/07/2014 - - Viking Investments Group, Inc. ("Viking") (OTCQB: VKIN) is pleased to advise it has entered into agreements to subscribe for shares of Tanager Energy Inc. (TSX VENTURE: TAN) ("Tanager").
From the commitments previously announced by Viking on August 27th, 2014 and September 8th, 2014, Viking closed on USD$150,000 of the proposed USD$2,000,000 Private Placement announced by Viking on May 12, 2014 (the "Viking PP"), and issued 300,000 units of Viking to a non-affiliated entity.Each unit consists of one share of common stock, $0.001 par value per share, and one warrant entitling the holder to purchase one additional common share in the capital of Viking for a period expiring on June 30, 2015, at an exercise price of $0.50 per common share; however in lieu of exercising the warrant by paying the exercise price there is a "cashless" exercise feature allowing the Holder to elect to receive instead that number of shares, calculated using the following formula: X = Y(A-B)/A, where: (i) X = the number of shares to be issued to the holder upon such exercise; (ii) Y = the number of shares as to which this Warrant is being exercised; (iii) A= the Fair Market Value of one share as at the date of such exercise; and (iv) B= the exercise price, as adjusted to the date of such exercise.
Viking used USD$92,000 (approx. CDN$101,250) of the USD$150,000 to subscribe for 1,265,593 units of Tanager, and has entered into an agreement to subscribe for an additional 2,171,907 units of Tanager for an aggregate price of approximately CDN$173,750, subject to receiving additional funding toward the Viking PP and receiving final approval from the TSX Venture Exchange.Each unit consists of one (1) common share and one (1) common share purchase warrant. Each warrant entitles its holder thereof to purchase one additional common share in the capital of Tanager for a period expiring on October 5, 2016, at an exercise price of $0.15 per common share. The shares issued to Viking will be subject to a four month hold period that expires on February 5, 2015.
Upon receipt of sufficient additional funds, Viking intends, in addition to the above-mentioned subscription, to provide additional capital to Tanager in exchange for a 50% working interest in an oil and gas property located in Alberta, Canada (the "WI Purchase").Tanager will operate and manage the subject property in accordance with an Operating Agreement pursuant to the Canadian Association of Petroleum Landman Operating Procedure. It is expected that the WI Purchase will be completed by October 30, 2014. Once completed Tanager will proceed immediately to re-complete the first well on this property, which is expected to initially produce approximately 100 barrels of oil per day.
Tanager Energy Inc. is a Lethbridge, Alberta based corporation engaged in the exploration for oil and gas and minerals, with an operations office in Calgary, Alberta. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "TAN".
Viking provides professional advisory and consulting services to companies undergoing or anticipating periods of rapid growth, significant change or ownership transition.Target companies must have superior management, intimate knowledge of the particular industry and a sound business plan, along with a desire and receptiveness for specific expertise to advance the company's business objectives.
Viking is not an investment company, as defined by the Investment Company Act of 1940.
Safe Harbor Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's Forms 10-K and 10-Q filed with the SEC.
CONTACT:
For additional information please contact:
Viking Investments Group, Inc.
1330 Avenue of the Americas, Suite 23A
New York, NY 10019
Email: IR@vikinginvestments.com
Website: www.vikinginvestments.com (will be updated accordingly)
SOURCE: Viking Investments Group, Inc.