Decklar Resources Inc. Announces Final Closing of Private Placement Financing
09 March 2021 - 12:00AM
Decklar Resources Inc. (DKL-TSX Venture)
(the “Company” or “Decklar”) is pleased to
announce that it has completed a second and final closing of the
Company’s previously announced private placement financing. The
total gross proceeds raised by the private placement is CAD
$4,722,400 and funds from this financing will be used to
immediately advance operational activities to re-enter the Oza-1
well at the Oza Oil Field in Nigeria and for general corporate
purposes. Funds from this private placement are expected to be
sufficient to re-enter the Oza-1 well and to re-establish oil
production at the Oza Oil Field through the Company’s wholly-owned
Nigeria-based subsidiary, Decklar Petroleum Limited.
Final Closing of Private Placement of
Common Shares
The Company has completed a private placement in
which an aggregate of 16,865,714 Decklar common shares have been
issued at a price of CAD $0.28 per share for total gross proceeds
of CAD $4,722,400. The common shares to be issued as a result of
this private placement will be subject to a four-month trading
restriction. The second closing of the private placement has been
completed whereby 2,595,714 common shares were issued at a price of
CAD $0.28 per share for total gross proceeds of CAD $726,800. After
issuance of the common shares from the closing of the private
placement (including the common shares issued as finder’s fees in
respect of the first closing), the Company will have total
outstanding shares of 71,575,487. The private placement has been
conditionally approved by the TSX Venture Exchange and is subject
to final approval.
For further information:
Duncan T. BlountChief Executive Officer
Telephone: +1 305 890 6516Email: dblount@decklarresources.com
David HalpinVP Finance, Decklar Petroleum
Telephone: +1 403 816
3029Email:davidhalpin@decklarpetroleum.com
Investor Relations:
info@decklarresources.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Cautionary Language
Certain statements made and information
contained herein constitute "forward-looking information" (within
the meaning of applicable Canadian securities legislation). All
statements in this news release, other than statements of
historical facts, are forward-looking statements. Such statements
and information (together, "forward looking statements") relate to
future events or the Company's future performance, business
prospects or opportunities.
All statements other than statements of
historical fact may be forward-looking statements. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words
or phrases such as "seek", "anticipate", "plan", "continue",
"estimate", "expect, "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe" and similar expressions) are not statements of historical
fact and may be "forward-looking statements". Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. The Company believes that the expectations reflected in
those forward-looking statements are reasonable, but no assurance
can be given that these expectations will prove to be correct and
such forward-looking statements should not be unduly relied upon.
The Company does not intend, and does not assume any obligation, to
update these forward-looking statements, except as required by
applicable laws. These forward-looking statements involve risks and
uncertainties relating to, among other things, changes in oil
prices, results of exploration and development activities,
uninsured risks, regulatory changes, defects in title, availability
of materials and equipment, timeliness of government or other
regulatory approvals, actual performance of facilities,
availability of financing on reasonable terms, availability of
third party service providers, equipment and processes relative to
specifications and expectations and unanticipated environmental
impacts on operations. Actual results may differ materially from
those expressed or implied by such forward-looking statements.
The Company provides no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company
does not assume the obligation to revise or update these
forward-looking statements after the date of this document or to
revise them to reflect the occurrence of future unanticipated
events, except as may be required under applicable securities
laws.
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