|Wed Feb 8, 2012|
Oracle Energy Completes Private Placement
|February 8, 2012 - Oracle Energy Corp. ("Oracle") (OCL-TSX.V)(O2E-Frankfurt) announces that further to a news release of November 7, 2011, the Company has completed tranche one of a non-brokered private placement (the "Offering") of 5,283,333 units of the Company (the "Units") at $0.12 per Unit for aggregate gross proceeds of up to $633,999.96. Each Unit will consist of one common share in the capital of the Company and one-half of one share purchase warrant of the Company (each, a "Warrant"). Each whole Warrant is exercisable into one common share in the capital of the Company (each, a "Warrant Share") at an exercise price of $0.20 per Warrant Share for a period of 12 months from the closing date of the Offering (the "Closing Date") and $0.25 for the next 12 months from the Closing Date. If Oracle's common shares trade at or above a price of $0.50 for 10 consecutive trading days, Oracle may give notice (the "Notice") to the warrant holders that it intends to accelerate the expiry date of the Warrants to a date not less than the later of 30 days from the date of the Notice and the date that any hold period attaching to the Units expires. The Company plans to use the proceeds from the Offering for its Romanian project, preliminary costs of its recently announced Australian earn in project and general working capital.|
The shares issued and any shares issued upon the exercise of warrants from this private placement have a hold period from trading as follows;
5,016,666 until May 3, 2012
133,333 until September 3, 2012
133,334 until January 3, 2013
Finders' fees were paid to Canaccord Genuity follows;
1. $17,800 was paid in cash;
2. 148,333 finder's warrants exercisable on the same terms as the private placement.
Directors and Officers of Oracle subscribed for 2,275,000 units in this private placement.
ON BEHALF OF THE BOARD
The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this news release.
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