SPRING, TX / ACCESSWIRE / December 7, 2015 / True North Energy Corp. (PINKSHEETS: TNEN) ("True North"), announces that it has accepted a subscription ("Subscription Agreement") from an investor ("Investor") to acquire new shares of the Company equal 19.98% at February 29 2016 under Regulation S. The investor subscribed for these shares for a total cash price of USD $200,000 in periodic payments until the final payment on February 29, 2016. The Company has received $50,000 of the $200,000 to date.
President of True North, Gilbert Steedley, said, "True North is pleased about this subscription and plans to use the funds for working capital and to reduce outstanding obligations. These funds, and diversification into the Italian fashion arena, are both positive steps to increasing shareholder value."
As of Friday December 4 2015, the total outstanding common shares of True North were 4,721,699.
About True North Energy Corporation:
Traditionally, True North Energy Corporation has engaged in the identification, acquisition and development of oil and gas properties. Through its subsidiary, TN Energy Corp., a Texas Corporation, the company holds overriding royalty interests on properties located in Colorado and Oklahoma. To explore opportunities in various industries, TNEN holds 100% of Marco Capital Limited, a Hong Kong company. Marco Capital holds an ownership interest in LeCrown Ltd., a fashion shoe icon. For further information about True North, please visit www.tnencorp.com.
This press release may contain forward-looking statements, including information about management's view of True North's future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release, other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of True North, its divisions and concepts to be materially different than those expressed or implied in such statements. The forward-looking statements included in this press release are made only as of the date hereof. True North cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, True North undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by True North.
Contact:
True North Energy Corporation
(281) 719-1996
SOURCE: True North Energy Corp.