|Tue Jan 11, 2011|
Oracle Energy Completes Private Placement
|January 11, 2011- Oracle Energy Corp. ("Oracle") (OEC-TSX.V)(O2E-Frankfurt) announces that further to a news release of November 4, 2010, the private placement has been completed. A total of 14,000,000 units were issued at a price of $0.075 per unit. Each unit consists of one share and one-half warrant. Each whole warrant (the "Warrants") is exercisable for a two-year period at a price of $0.15 per share subject to the following acceleration provision: if the closing trading price for the common shares as traded on the TSX Venture Exchange or TSX Exchange as the case may be, is equal to or greater than CDN$0.40 per common share for ten consecutive trading days (the "Threshold Period") the Company may give notice (the "Notice") to the holders of the Warrants that the expiration date of the Warrants is accelerated. Notice will be deemed to be the date of a press release announcing the occurrence of the Threshold Period and the Holder will have 30 calendar days from the date of the press release to exercise the Warrants (the "Accelerated Date"). Proceeds from this private placement will be used for general working capital, reduce outstanding debt and for its Romanian oil and gas properties.|
The shares issued and any shares issued upon the exercise of warrants from this private placement have a hold period from trading as follows;
7,000,000 until April 10, 2011
7,000,000 until August 10, 2011
Finders' fees were paid as follows;
The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this news release. Some of the statements contained in this release are forward-looking statements. Forward-looking statements include but are not limited to, statements concerning estimates of recoverable hydrocarbons, expected hydrocarbon prices, expected costs, statements relating to the continued advancement of the Company's projects and other statements which are not historical facts. When used in this document, and on other published information of the Company, the words such as "could," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors could cause actual results to differ from these forward-looking statements including the potential that the Company's projects will experience technical and mechanical problems, geological conditions in the reservoir may not result in commercial level of oil and gas production, changes in product prices and other risks not anticipated by the Company or disclosed in the Company's published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. The information contained herein does not constitute an offer of securities for sale in the United States, United Kingdom, Canada, Japan or Australia.