|Wed Oct 22, 2014|
Oracle Energy Raises $810,000, Appoints Secretary
|Vancouver, B.C.: Oracle Energy Corp. (the "Company") (TSX-V Symbol: OEC) is pleased to announce that it has received final approval from the TSX Venture Exchange on the closing of its non-brokered private placement, previously announced June 17, 2014.|
The Company has issued 8,100,000 Units at a price of ten cents ($0.10) per Unit for gross proceeds of $810,000. Each Unit consists of one common share and one half of a common share purchase warrant (the "Unit Warrants") with each full Unit Warrant entitling the holder to acquire one additional common share of the Company at a price of fifteen cents ($0.15) per share for a period of 36 months from closing.
The Company has paid a cash finder's fee of $9,500 and has issued 95,000 Finder's Warrants to Foster & Associates Financial Services, with each Finder's Warrant entitling the holder to purchase an additional common share of the Company at a price of fifteen cents for a period of 36 months from closing.
All securities issued pursuant to the private placement are subject to a restricted period of four months and one day from closing.
The Company further announces the resignations of Loren Currie as Corporate Secretary and Alan Sendzul as Chief Investment Officer. The Company would like to acknowledge their contributions.
The Company is pleased to announce the appointment of Gordon Fretwell as Corporate Secretary.
About Oracle Energy Corp.
Oracle Energy Corp. is a Canadian oil and gas company focussed 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
Neither the 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.