Mr. Timothy Turner reports
UNITED HUNTER OIL & GAS CORP. ANNOUNCES A CLOSING ON THE SECOND TRANCHE OF ITS NON-BROKERED PRIVATE PLACEMENT
United Hunter Oil & Gas Corp. has closed the second tranche on the previously announced non-brokered private placement of up to 10 million common shares at a price of 10 cents per common share for gross proceeds of up to $1-million.
The private placement's second tranche, offered at a price of 10 cents per common share, closed for additional gross proceeds of $35,000 in exchange for 350,000 common shares of the corporation.
The private placement is subject to certain customary conditions, including, but not limited to, the execution of definitive subscription agreements with subscribers and the receipt of any and all necessary regulatory approvals, including that of the TSX-V. The closing of any additional tranches of the private placement are anticipated to occur within 30 days or as long as the corporation deems necessary. All securities issued in connection with the private placement will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation.
The net proceeds from the private placement will be partially used for expenses associated with due diligence and legal expenses investigating oil and gas projects currently under consideration, other new projects, general working capital, and repayment of debt.
About United Hunter Oil & Gas Corp.
United Hunter Oil & Gas is a Canadian-based corporation with management very experienced in the oil and gas industry with projects in the United States.
We seek Safe Harbor.
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