SASKATOON, SASKATCHEWAN - (CNW – February 27, 2017) Westcore Energy Ltd. (“Westcore” or the “Company”) (TSXV: WTR) announces a non-brokered private placement (the “Private Placement”) of up to 3,333,333 units at a subscription price of $0.15 per unit, for gross proceeds of $500,000, subject to TSX Venture Exchange approval. Each unit shall consist of one common share of the Company and one common share purchase warrant, with each warrant entitling the holder thereof to acquire one common share at a price of $0.25 per common share for a period of 24 months from the date of issuance.
Certain directors, officers or other insiders of the Company may participate in the Private Placement and, collectively, their participation may exceed 25% of the total amount of the financing.
The proceeds from the Private Placement will be used to continue advancing the Company’s oil and gas assets. All securities issued pursuant to the Private Placement will be subject to a statutory four month hold period in accordance with applicable securities laws. Closing of this Private Placement may occur in one or more tranches.
We seek Safe Harbor
FOR FURTHER INFORMATION PLEASE CONTACT:
Westcore Energy Ltd.
Vice President and Chief Operating Officer
Phone: (306) 653-2692
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, the 3 well drilling program that is referenced herein, shut-in production potentially being re-initiated and the earning of interests by Eros in Westcore’s Flaxcombe field. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; commodity prices; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
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.