Timothy Turner reports
UNITED HUNTER OIL & GAS CORP. ANNOUNCES A FOLLOW ON NON-BROKERED PRIVATE PLACEMENT AND CLOSING OF THE FIRST TRANCHE
United Hunter Oil & Gas Corp. has arranged a follow-on non-brokered private placement of up to 10 million common shares of the corporation at a price of 10 cents per common share for gross proceeds of up to $1-million.
The private placement offering of up to 10 million common shares at a price of 10 cents per common share for gross proceeds of up to $1-million is a non-brokered offering, and the corporation may pay finders' fees in accordance with the rules and policies of the TSX Venture Exchange. It is expected that the common shares offered under the private placement will be RRSP (registered retirement savings plan) and TFSA (tax-free savings account) eligible. The company has closed on its first tranche of 7,511,860 common shares, sold at a price of 10 cents per common share, for aggregate gross proceeds of $751,186.00.
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 20 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 that is very experienced in the oil and gas industry, and with projects in the United States.
We seek Safe Harbor.
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