Claren Energy Announces Non-Brokered Private Placement
July 22 2020 - 8:18AM
Claren Energy Corp. (“Claren” or the “Company”) (TSX-V: CEN) is
pleased to announce a non-brokered private placement of up to
24,000,000 common shares of the Company (the “Shares”) at a price
of CAD $0.05 per share for gross proceeds of up to CAD $1,200,000
(the “Private Placement”).
All securities issued in connection with the
Private Placement will be subject to a four-month hold period from
the closing date under applicable Canadian securities laws, in
addition to such other restrictions as may apply under applicable
securities laws of jurisdictions outside Canada. Claren
intends to use the proceeds from the Private Placement for general
working capital purposes and to repay corporate indebtedness.
Certain insiders of the Company may acquire shares under the
Private Placement, and closing is subject to all necessary
regulatory approvals including acceptance from the TSX Venture (the
"TSXV") Exchange.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities have not been and will
not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold
within the United States or to, or for the account or
benefit of, U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws, unless an
exemption from such registration is available.
About Claren Energy Corp.
Claren Energy Corp. is an oil and gas company
that has a (100%) participating interest in the Bobocu Production
License, onshore Romania. Its common shares trade on the TSX
Venture Exchange under the symbol "CEN".
For more information please contact:
Claren Energy Corp. Mark LawsonT: +1 647 302
0393Email: mark@lawson.net
This news release contains forward-looking
information relating to Claren's intentions to conduct the drilling
programs and other statements that are not historical facts. Such
forward-looking information is subject to important risks and
uncertainties that could cause actual results to differ materially
from what is currently expected, for example: risks related to oil
and gas exploration, development, exploitation, production,
marketing and transportation, loss of markets, volatility of
commodity prices, currency fluctuations, competition from other
producers, inability to retain drilling rigs and other services,
reliance on key personnel, and insurance risks. Findings by
other oil and gas issuers does not necessarily indicate that Claren
will be successful in making such findings in Australia and
Romania. In making such forward- looking statements, Claren has
relied upon certain assumptions relating to geological settings,
commodity prices, the stability of markets and currencies and the
availability of capital to Claren in order to continue with the
seismic and drilling programs. You should not place undue
importance on forward-looking information and should not rely upon
this information as of any other date. While Claren may elect to,
Claren is under no obligation and does not undertake to update this
information at any particular time, except as required by
applicable securities law. 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.
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