|Tue Jun 17, 2014|
Oracle Energy Corp Announces Private Placement
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION BY ANY UNITED STATES NEWS DISTRIBUTOR
Vancouver, British Columbia, June 17, 2014 - Oracle Energy Corp. ("the Company") (TSX.V: OEC) (Frankfurt: O2E) is pleased to announce a non-brokered private placement financing of up to $ 800,000 (the "Private Placement").
The Private Placement will consist of the issuance of up to 8,000,000 units of the Company (each, a "Unit"), at $0.10 per Unit for proceeds of up to $800,000, with each Unit consisting of one common share of the Company and one-half of one non-transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company at a price of $0.15 for a period of 36 months following the closing date.
Finders' fees may be paid by the Company in conjunction with the completion of the Private Placement in accordance with TSX Venture Exchange policies.
All of the securities issued pursuant to the Private Placement will be subject to a restricted period of four months and one day from the date of closing.
The Company intends to use the proceeds from the sale of the Units for advancing projects that the Company may acquire in Nigeria, and for general working capital purposes. The Private Placement is subject to approval from the TSX Venture Exchange.
The Company has also granted 2,790,000 incentive stock options to insiders and consultants of the Company at a price of $0.10 per share for a five year period. 650,000 of the options will be subject to a one year hold period from trading while the remaining balance will be subject to a four month hold period. This grant of options is subject to TSX Venture Exchange approval.
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
Peter Francis, CEO
Oracle Energy Corp.
Neither 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.