ST. HELIER, JERSEY, May 15, 2015 /CNW/ - EastSiberian Plc (TSXV NEX:
ESB.H) ("EastSiberian" or the "Corporation"), a Jersey company, is
pleased to announce that it has closed the second and final tranche
of its previously announced non-brokered private placement (the
"Financing") pursuant to which it issued today 8,537,569 common
shares at a price of $0.05 per common
share for gross proceeds of $426,878.45. The first tranche of the
Financing closed on April 2, 2015 and
raised gross proceeds of $1,040,347.25. The total gross proceeds
raised from both closings is $1,467,225.70.
The common shares issued in connection with the
Financing will be subject to a four-month-and-one-day hold period
from the closing date of the Financing. The hold period for
the common shares issued on May 15,
2015 will end on September 16,
2015.
The proceeds from the Financing will be used to
pay for work done in respect of initiatives in pursuit of oil and
gas opportunities in Latin
America, as well as for payment of certain accounts payable,
professional fees and general working capital.
Completion of the private placement is subject to
certain conditions, including the final approval of the NEX board
of the TSX Venture Exchange to the listing of the common shares on
the NEX.
About EastSiberian
EastSiberian is an international junior oil
exploration company incorporated in the Bailiwick of Jersey. For
further information, please visit the EastSiberian Plc website at
www.eastsiberianplc.com. The common shares of the Corporation
are currently listed on the NEX.
As previously announced, the common shares of
EastSiberian are currently halted from trading on the NEX at the
request of the Corporation. The common shares will remain
halted until the Corporation completes a third-party engineering
review of the Nicaraguan oil and gas concessions and releases this
to shareholders.
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 release.
Advisory Regarding Forward-Looking
Statements
This press release contains certain
forward-looking statements and forward-looking information
(collectively referred to as "forward looking statements") within
the meaning of Canadian securities laws. All statements other than
statements of historical fact are forward-looking statements.
Forward-looking information typically contains statements with
words such as "anticipate", "believe", "plan", "continuous",
"estimate", "expect", "may", "will", "project", "should" or similar
words suggesting future outcomes. In particular, this press release
include references to the intention of the use of the net
proceeds from the Financing; and business plans and strategies of
the Corporation.
Undue reliance should not be placed on
forward-looking statements, which are inherently uncertain, are
based on estimates and assumptions, and are subject to known and
unknown risks and uncertainties (both general and specific) that
contribute to the possibility that the future events or
circumstances contemplated by the forward-looking statements will
not occur. There can be no assurance that the plans, intentions or
expectations upon which forward-looking statements are based will
in fact be realized and in particular, that EastSiberian's
initiatives in Latin America will
be succsesful. Actual results will differ, and the
difference may be material and adverse to EastSiberian and its
shareholders.
The forward-looking statements contained in
this press release are made as of the date hereof and EastSiberian
does not undertake any obligation to update publicly or to revise
any of the included forward-looking statements, except as required
by applicable law. The forward-looking statements contained herein
are expressly qualified by this cautionary
statement.
SOURCE EastSiberian Plc