|Mon Sep 30, 2013|
Oracle Energy Corp Announces Share Exchange
|Vancouver, British Columbia, Oracle Energy Corp. ("Oracle") (TSX.V: OEC) (Frankfurt: O2E) is pleased to announce it has entered into a share exchange agreement with Global Resources Investments Ltd ("GRIL") ; an arm's length party to Oracle.|
GRIL has been established to exploit investment opportunities in the junior mining and natural resources sectors worldwide, with an investment objective to generate medium and long-term capital growth. GRIL will re-register as a public company and be constituted as an investment trust with the name Global Resources Investment Trust PLC ("GRIT") and seek admission of its ordinary shares on the main market for listed securities on the London Stock Exchange.
Oracle has entered into a share exchange agreement and will subscribe for 549,752 GRIT shares at a deemed value of £1.00 per GRIT share in exchange for the issuance of 9,000,000 shares in Oracle at a deemed price of $0.10 per share. Oracle expects that in the future, after a hold period, it will be able to sell the GRIT shares on the London Stock Exchange.
Oracle is continuing to focus on acquisitions in Nigeria's oil sector as a source of growth. The industry in Nigeria is currently undergoing a transition with ownership of exploration and producing assets passing from major international oil companies to Nigerian companies. According to the CIA fact book, as of January 2012, Nigeria has proven oil reserves in excess of 38 billion barrels, the 10th largest oil reserves in the world.
As described in previous news releases, Oracle has signed Memoranda of Understanding with two Nigerian companies, both of which are owned and managed by Nigerians with senior management level experience working for major international oil companies and significant regulatory experience.
Oracle's Chairman Nasim Tyab says "Oracle sees significant opportunity in Nigeria for our Africa experienced management team and our Nigerian partners to acquire attractive assets and create shareholder value. This financing strengthens Oracle's balance sheet and allows access of funds over time to execute our business plan: Oracle also announces that its previously announced private placement for cash has been repriced to $0.10 per unit, in keeping with the current market conditions.
About Oracle Energy Corp.
Oracle Energy Corp. (TSX.V: OEC) (Frankfurt: O2E) is a Canadian oil and gas company focused on growth and shareholder value creation through exploration, development, and production in Africa - initially Nigeria. Our three pronged strategy is a focus on: capture of the best opportunities, best-in-class execution, and critical assessment and mitigation of risk. For more information on Oracle Energy visit www.OracleEnergy.com
ON BEHALF OF THE BOARD
Nasim Tyab, Chairman and CEO
Oracle Energy Corp.
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information, which is based on information currently available to the Company, and the Company provides no assurance that actual results will meet management's expectations. Forward-looking information includes the statement that the Company may complete the private placement, eventually sell the GRIT shares and expend the funds as indicated, and that we can capture of the best opportunities, produce best-in-class execution, and critically assess and mitigate risk. Actual results relating to, among other things, the closing of the proposed private placement and the timing thereof, the receipt of the requisite regulatory approvals, the net proceeds to the Company, and the use of proceeds and future business plans of the Company, could differ materially from those currently anticipated in such information for many reasons such as: the failure to obtain the requisite approvals; the failure to satisfy conditions to closing; failure to attract capital on the terms indicated or at all; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for resources; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; and other matters discussed in this news release. We may fail to access any opportunity, may have trouble executing and may not be able to assess and mitigate risk. This list is not exhaustive of the factors that may affect any of the Company's forward looking information and readers should consult the risk factors disclosed by other junior resource companies as disclosed on SEDAR. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward looking information. The Company does not undertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
You can view the Next News Releases item: Fri Dec 13, 2013, Oracle Energy Completes Tranche 1 of Private Placement
You can view the Previous News Releases item: Thu Jul 25, 2013, Oracle Energy Corp. Announces Private Placement
You can return to the main News Releases page, or press the Back button on your browser.