/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES/
SASKATOON, Sept. 12, 2018 /CNW/ - Westcore Energy Ltd.
("Westcore" or the "Company") (TSXV: WTR)
reminds holders of the Company's outstanding rights
("Rights") (TSXV: WTR.RT) of important, upcoming
deadlines and details for the Rights offering ("Rights
Offering") previously announced on August 2, 2018.
Important Details and Reminders
- Rights expire at 2:00 pm
Saskatoon time on September 21, 2018;
- You must take action to exercise or sell your Rights;
- Rights can be bought or sold publicly on the TSXV – symbol
"WTR.RT";
- Rights will trade for cash settlement for the 3 days prior to
expiry, beginning September 18,
2018;
- One Right plus the sum of
$0.02 entitles the holder to
subscribe for one unit of the Company, each unit comprised of one
Westcore common share ("Common Share") and one common share
purchase warrant ("Warrant");
- Each Warrant entitles the holder to purchase an additional
Common Share at a price of $0.085 per
Common Share for a two (2) year period;
- The rights offering circular available on SEDAR and on the
Company's website: westcoreenergy.ca.
Use Of Proceeds
Westcore plans to use the available
funds from the Rights Offering to increase the daily oil production
in the oil fields operated by Westcore and reduce the operating
cost of that production, all with a view to increasing monthly cash
flows to the Company. A relatively small amount of the proceeds is
intended to be applied to the existing working capital deficiency,
as the Company feels this deficiency is better resolved through
increased production and reduced operating costs.
ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED
UNDER THE US. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT
BE OFFERED OR SOLD IN THE UNITED
STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE 1933 ACT.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
Forward Looking Statements
This release includes forward-looking statements regarding
Westcore and its business. Such statements are based on the
current expectations and views of future events of Westcore's
management. In some cases the forward-looking statements can
be identified by words or phrases such as "may", "will", "expect",
"plan", "anticipate", "intend", "potential", "estimate", "believe"
or the negative of these terms, or other similar expressions
intended to identify forward-looking statements. The
forward-looking events and circumstances discussed in this release
may not occur and could differ materially as a result of the
failure to complete the rights offering, known and unknown risk
factors and uncertainties affecting Westcore, including risks
regarding the oil and gas industry, economic factors and the equity
markets generally and many other factors beyond the control of
Westcore. No forward-looking statement can be
guaranteed. Forward-looking statements and information by
their nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause our actual
results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statement
or information. Accordingly, readers should not place undue
reliance on any forward-looking statements or information.
Forward-looking statements speak only as of the date on which they
are made and Westcore undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise, except as required by
applicable securities laws.
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.
SOURCE Westcore Energy Ltd.
