CALGARY, AB / ACCESSWIRE / January 2, 2019 / On December 29, 2018, Tenth Avenue Petroleum Corp.
("TAPC" or the "Corporation") (TSX-V: TPC) closed a non-brokered private
placement of 1,600,000 units at a price $0.05 per unit for gross proceeds of $80,000. Each unit was comprised of one common share
in the capital of TAPC and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at
a price of $0.075 per common share exercisable within 5 years of issuance. All of the securities issued under the private placement
are subject to a four month resale restriction and contain a legend which will detail the resale restriction. The offering has been
conditionally approved by the TSX Venture Exchange ("TSXV"). The Placee is Gregory J. Leia Professional
Corporation ("GJLPC") which is owned by Gregory J. Leia (President and Director of TAPC). Gregory J. Leia,
indirectly through GJLPC and El Indio Investment Corp ("EIIC"), presently own 5,825,300 common shares (55%) of the
10,512,668 common shares issued and outstanding. On a fully diluted basis, Gregory J. Leia, directly or indirectly, would own or
have a right to acquire an additional 3,870,000 common shares for a total of 9,695,300 of the 14,922,668 common shares (65%).
The proceeds of the placement would be used to pay $40,000 in debt to Smoky Oil & Gas Corp ("Smoky") and
$40,000 to GJLPC. The wife of Gregory J. Leia owns 65% of the common shares of Smoky. Gregory J Leia is an officer and director of
Smoky. Family members of Gregory J. Leia own Batoche Oil & Gas Exploration Ltd. ("Batoche"). On July 31, 2017,
TAPC entered into a Loan and Participation Agreement ("LPA") with Smoky and Batoche. Pursuant to the terms of the
LPA, Smoky lent TAPC the sum of $1,326,593 to make the acquisition of the Waskahigan Assets. (see August 1, 2017 press release).
The interest rate on the loan principal is 6% per annum. All obligations are secured by a general security agreement charging all
of the assets of TAPC.
About TAPC
Tenth Avenue Petroleum Corp. is a junior oil and gas exploration company. For further information, please contact:
Reader Advisory
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.
SOURCE: Tenth Avenue Petroleum Corp.
