Mr. Eric Laing reports
RAISE PRODUCTION INC. ANNOUNCES UPSIZE OF PRIVATE PLACEMENT
Raise Production Inc. is increasing the size of the private placement of debentures of the company announced on Sept. 4, 2019, from $700,000 to $900,000. The increase in the private placement is to accommodate participation by existing shareholders and non-insiders of the company in the offering. The debentures will have a coupon of 6.00 per cent per annum and will be convertible into units of the company at a conversion price of 11 cents per unit. Each unit will comprise one common share and one common share purchase warrant of the company. The debentures will mature and be repayable three years from the date of issue. The debentures will be repaid in cash at maturity, subject to earlier conversion by a holder or the company.
The private placement is expected to close on or about Sept. 30, 2019, concurrently with the closing of the acquisition of 1955554 Alberta Ltd. Upon the closing of the acquisition, proceeds from the private placement will be used toward successfully growing and monetizing the company through sourcing, evaluating and negotiating strategic alternatives to generate shareholder value, and by leveraging the public market experience of Richard McHardy and Al Stark, who will join the board of directors as part of the acquisition.
Completion of the acquisition and the private placement is subject to customary closing conditions, including the approval of the TSX Venture Exchange.
About Raise Production Inc.
The company is an innovative oil field technology company that focuses its efforts on the production service sector, utilizing its proprietary products to enhance and increase ultimate production in both conventional and unconventional oil and gas wells.
We seek Safe Harbor.
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