AUSTIN, Texas, Oct. 9, 2024 /PRNewswire/ -- Laredo Oil, Inc. ("Laredo Oil") (OTC Pink Sheets: LRDC), an oil exploration and production company with over 30,000 net acres of mineral rights located north of the Fort Peck reservation in Montana has sold since the end of its fiscal year ended May 31, 2024, 1,695,349 shares of common stock (the "Shares") to accredited investors at an average price of $0.4424 per share for gross proceeds of $750,000. There was no finder's fee related to the sale of the shares. The Shares have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the Securities Act.
Mark See, Chairman and CEO of Laredo Oil, commented "Based upon our previously reported progress concerning the development of our mineral rights in northwestern Montana, we have entered into common stock purchase agreements with several accredited investors, raising $750,000 in gross proceeds through the sale of common stock in transactions exempt from the registration requirements of the Securities Act. The three wells associated with the Texakoma Exploration & Production Company agreement, and our Reddig 11-21 and Olfert 11-4 wells will soon be put into production pending our opening the recently acquired Cranston saltwater disposal well which we expect within the next two weeks. The Cranston well removes a significant roadblock for our ramping up field production in the immediate term, and converting the two additional shut-in saltwater disposal wells acquired with Cranston will provide Texakoma and Lustre the necessary water disposal capacity to continue with their respective drilling programs going forward, currently planned at seven additional wells."
About Laredo Oil Inc.
Laredo Oil, Inc. (www.laredo-oil.com) is an oil exploration and production company primarily engaged in acquisition and exploration efforts for mineral properties. In addition to pursuing conventional oil recovery methods in selected oil fields, Laredo Oil plans to locate and acquire mature oil fields, with the intention of recovering "stranded" oil using enhanced recovery methods. Laredo Oil's common stock is listed on the Pink Sheets under the symbol, "LRDC."
Forward-Looking Statements
This press release and the statements made by Laredo Oil in this press release may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements describe Laredo Oil's future plans, projections, strategies, and expectations, and may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements are based on assumptions and involve a number of risks, uncertainties, situations and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results expressed or implied by these statements. These factors include changes in interest rates, market competition, changes in the local and national economies, and various other factors detailed from time to time in Laredo Oil's SEC reports and filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Laredo Oil undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
View original content:https://www.prnewswire.com/news-releases/laredo-oil-raises-750-000-in-private-offering-of-unregistered-common-shares-302271384.html
SOURCE Laredo Oil, Inc.
