Decklar Resources Inc. Announces First Closing of Private Placement Financing
March 02 2021 - 4:45PM
Decklar Resources Inc. (DKL-TSX Venture)
(
the “Company” or “Decklar”) is pleased to
announce that it has completed a first closing of the Company’s
previously announced private placement financing for a total of CAD
$3,995,600. Funds from this financing will be used to immediately
advance operational activities to re-enter the Oza-1 well at the
Oza Oil Field in Nigeria and for general corporate purposes. Funds
from this private placement are expected to be sufficient to
re-enter the Oza-1 well and to re-establish oil production at the
Oza Oil Field through the Company’s wholly-owned Nigeria-based
subsidiary, Decklar Petroleum Limited.
First Closing of Private Placement of
Common Shares
The Company has arranged a private placement in
which approximately 17.9 million Decklar common shares will be
issued at a price of CAD $0.28 per share for total gross proceeds
of approximately CAD $5,000,000. The common shares to be issued as
a result of this private placement will be subject to a four-month
trading restriction. The initial closing of the private placement
has been completed whereby 14,270,000 common shares were issued at
a price of CAD $0.28 per share for total gross proceeds of CAD
$3,995,600. After issuance of the common shares from the first
closing of the private placement (including the common shares
issued as finder’s fees described below), the Company will have
total outstanding shares of 68,979,773. A second closing of the
private placement will be executed by the end of this week to
complete the remainder of the placement. The private placement has
been conditionally approved by the TSX Venture Exchange and is
subject to final approval. In connection with the first closing of
the private placement, the Company paid an aggregate of $8,400 in
cash and issued an aggregate of 430,000 common shares to certain
arm’s length parties as a finder’s fee in accordance with the
policies of the TSX Venture Exchange.
For further information:
Duncan T. BlountChief Executive Officer Telephone:
+1 305 890 6516Email: dblount@decklarresources.com
David HalpinVP Finance, Decklar Petroleum
Telephone: +1 403 816 3029Email:
davidhalpin@decklarpetroleum.com
Investor Relations: info@decklarresources.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Cautionary Language
Certain statements made and information
contained herein constitute "forward-looking information" (within
the meaning of applicable Canadian securities legislation). All
statements in this news release, other than statements of
historical facts, are forward-looking statements. Such statements
and information (together, "forward looking statements") relate to
future events or the Company's future performance, business
prospects or opportunities.
All statements other than statements of
historical fact may be forward-looking statements. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words
or phrases such as "seek", "anticipate", "plan", "continue",
"estimate", "expect, "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe" and similar expressions) are not statements of historical
fact and may be "forward-looking statements". Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. The Company believes that the expectations reflected in
those forward-looking statements are reasonable, but no assurance
can be given that these expectations will prove to be correct and
such forward-looking statements should not be unduly relied upon.
The Company does not intend, and does not assume any obligation, to
update these forward-looking statements, except as required by
applicable laws. These forward-looking statements involve risks and
uncertainties relating to, among other things, changes in oil
prices, results of exploration and development activities,
uninsured risks, regulatory changes, defects in title, availability
of materials and equipment, timeliness of government or other
regulatory approvals, actual performance of facilities,
availability of financing on reasonable terms, availability of
third party service providers, equipment and processes relative to
specifications and expectations and unanticipated environmental
impacts on operations. Actual results may differ materially from
those expressed or implied by such forward-looking statements.
The Company provides no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company
does not assume the obligation to revise or update these
forward-looking statements after the date of this document or to
revise them to reflect the occurrence of future unanticipated
events, except as may be required under applicable securities
laws.
Decklar Resources (TSXV:DKL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Decklar Resources (TSXV:DKL)
Historical Stock Chart
From Jul 2023 to Jul 2024