Mr. Timothy Turner reports
UNITED HUNTER OIL & GAS CORP. ANNOUNCES THE SUCCESSFUL FINAL CLOSING OF A FOLLOW ON NON-BROKERED PRIVATE PLACEMENT OF $1,000,000
United Hunter Oil & Gas Corp. has closed its non-brokered private placement of 10 million common shares of the corporation at a price of 10 cents per common share, raising aggregate gross proceeds of $1-million.
The private placement offered up to 10 million common shares at a price of 10 cents per common share for gross proceeds of $1-million in a non-brokered offering and the corporation may pay finder's fees in accordance with the rules and policies of the TSX Venture Exchange. The closing of the private placement's final tranche consisted of 2,488,140 common shares, sold at a price of 10 cents per common share, for aggregate gross proceeds of $248,814.
Timothy Turner, chief executive officer and a director, and Miles Nagamatsu, chief financial officer of the corporation, subscribed for an aggregate 865,870 common shares in the private placement. Such subscriptions constitute a related-party transaction within the meaning of applicable securities laws, and in connection therewith, the corporation is relying on exemptions from the formal valuation and minority approval requirements available under such laws. Members of the board of directors of the corporation unanimously approved the issuance of the insider shares and the related-party transaction on the same terms and conditions applicable to all other subscribers under the private placement.
The private placement is subject to certain customary conditions, including, but not limited to, the receipt of any and all necessary regulatory approvals, including the final approval of the TSX-V. 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 this 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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