Vancouver, British Columbia--(Newsfile Corp. - February 23, 2017) - Molori Energy Inc. (TSXV: MOL) ("Molori" or the "Company") is pleased to announce the closing of a non-brokered private placement offering (the "Private Placement") announced on February 16, 2017. The Private Placement closed at 3,000,000 units ("Units") at a price of $0.10 per Unit for a total of $300,000.
Each Unit will be comprised of one common share and one common share purchase warrant. Each full warrant gives the holder the right to purchase one additional common share of Molori at an exercise price of $0.20 for one year following the closing of the Private Placement.
In connection with the closing of the Private Placement, the Company paid cash finders' fees equal to 7% of the proceeds and issued finders' warrants equal to 7% of the number of Units sold. The finders' warrants have the same terms as the warrants forming part of the Units. All securities issued pursuant to the Private Placement will be subject to a statutory four-month hold period.
Insiders of the Company subscribed for 520,000 Units of the Offering. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contain in section 5.5(b) and 5.7(1) (b) of MI 61-101.
The proceeds will be used toward ongoing operational expenses and for general corporate purposes.
Molori Energy Inc. is an oil and gas production company with current operations in the Texas Panhandle. Founded in 2011, the experienced management team is aggressively acquiring select properties which provide immediate cash flow and development opportunities, now and in the years ahead. Molori is seizing the opportunity, in the current oil & gas environment, to assemble oil and gas production in nearby and politically safe jurisdictions. Molori is pursuing a business plan, whereby the Company either purchases producing oil and gas assets at highly attractive rates, or in some cases simply takes on existing assets by way of purchasing or assuming default notes from small regional lenders and institutions.
CEO and Director
Molori Energy Inc.
(604) 336 3193
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 NEW RELEASE.
Cautionary Notes Regarding Forward Looking Statements
This News Release contains forward-looking statements. Forward-looking statements are statements that relate to future events. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our industry, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.