|Fri Jan 31, 2014|
Oracle Energy Corp. Update on Global Resource Investments Ltd.
Vancouver, B.C, January 31, 2014 - Oracle Energy Corp. (TSX-V : OEC). Further to the news release of September 30, 2013 Global Resource Investments Ltd. has informed Oracle Energy Corp. that it is now in the closing process and is targeting admittance to the London Stock Exchange prior to the end of February, 2014. Pursuant to the terms of the share exchange agreement the company will issue a total of nine million common shares at a price of 5.46 pence (approximately 10 Canadian cents) per common share to raise gross proceeds of 491,078 pounds(approximately $900,000 (Canadian)) and will subscribe for 491,078 GRIT shares at a deemed value of £1.00 per GRIT share.
GRIL has been established to exploit investment opportunities in the natural resources sectors worldwide, with an investment objective to generate medium- and long-term capital growth. GRIL intends to reregister 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 the listed securities on the London Stock Exchange. A finder's fee is payable on this GRIT placement.
Oracle also wishes to announce the closing of the second tranche of a private placement announced September 30, 2013. A total of 1,000,000 shares were issued in the second tranche at a price of $0.10 per share, with 500,000 warrants. The warrants are exercisable for a three year period at $0.15 per share. There is a statutory hold period on the shares and warrants until May 23, 2014. A finder's fee is payable to Matthias Kaufman in the amount of $8,000.
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 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.