|Fri Nov 16, 2018|
ORACLE CLOSES $0.08 UNIT FINANCING
|Vancouver, British Columbia November 16, 2018 --Oracle Energy Corp. ("Oracle" or the "Company") (TSX.V: OEC) (Frankfurt: O2E) announces that it submitted documents to the TSX Venture Exchange for approval for the final close of its $0.08 Unit financing previously announced October 31, 2018. |
Subject to regulatory approval the Company will issue 7,035,000 units at $0.08 per unit for gross proceeds of $552,800. Each Unit consists of 1 common share of the Company and 1 common share purchase warrant, with each warrant being exercisable at $0.12 for 24 months. The Company is paying a cash finders fees of $28,196 and issuing 352,450 broker warrants exercisable at $0.08 for 24 months in relation to this financing. Net proceeds from the financing will be used to fund the ongoing acquisition of the Texas Eagleford assets by Oracle Oil and Gas LLC, a wholly owned subsidiary of Oracle, and for general corporate purposes.
All of the securities issued pursuant to the offering will be subject to a four-month plus one day hold period from the date of closing.
ON BEHALF OF THE BOARD OF DIRECTORS.
Darrell McKenna; Chairman and CEO
About Oracle Energy Corp.
Oracle Energy Corp. (TSX.V: OEC) (Frankfurt: O2E) is an oil and gas development company focused on acquiring development assets in North America and with a current focus in the Texas Eagle Ford.
For further information, please contact:
Darrell L McKenna
Chairman & CEO
Founder & Capital Markets Strategist
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. Forward-looking statements in this release are made pursuant to the 'safe harbour' provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.