Oil Optimization Inc. Announces Treasury Offering of Common Shares by Private Placement
05 May 2014 - 10:30PM
Access Wire
CALGARY, ALBERTA / ACCESSWIRE / May 5, 2014 / Oil
Optimization Inc. (TSX-V: OOI) (the "Corporation") is pleased to
announce that it intends to conduct a non-brokered private
placement offering of up to 40,000,000 common shares (the "Common
Shares") of the Corporation, at an issue price of C$0.05 per Common
Share (the "Offering Price"), for gross proceeds to the Corporation
of up to C$2,000,000 (the "Offering").
Closing of the Offering is expected to occur on or about June
15, 2014 (the "Closing Date") and is subject to certain conditions
including, but not limited to, the receipt of all necessary
regulatory approvals and TSX Venture Exchange approval. All Common
Shares issued pursuant to the Offering will be subject to a
statutory hold period of four months from the Closing Date pursuant
to applicable securities laws.
The Corporation intends to use the net proceeds from the
Offering to advance the work program on its petroleum concession
onshore Thailand, to evaluate prospective opportunities in
Southeast Asia and for general working capital purposes.
The Common Shares will be offered in the provinces of Alberta,
British Columbia and Ontario and in such other jurisdictions where
the Common Shares can be issued on a private placement basis,
exempt from any prospectus, registration or other similar
requirements.
About Oil Optimization Inc.
Oil Optimization Inc. is an international junior oil and gas
exploration company based in Canada with an advanced discovery
program onshore Thailand. The Corporation owns the long-term
exclusive rights to onshore Block L14-50, which is subject to a
farm-out agreement with Rockstone Petroleum Limited. The one
million acre petroleum concession covers the entire northern
section of the hydrocarbon-rich Phetchabun basin in central
Thailand, which has been subject to a 200-line kilometer 2D seismic
acquisition program and an extensive magnetic survey. The southern
section of the basin is currently being developed by China's ECO
Orient Energy Ltd (60%) (a wholly-owned subsidiary of the Hong Kong
and China Gas Company Limited), Australia's Carnarvon Petroleum
Limited (20%) and by Loyz Energy Limited (20%) of Singapore.
Forward-Looking Statements
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. More particularly and without
limitation, this news release contains forward-looking statements
and information concerning the expected activities of Oil
Optimization. The forward-looking statements and information are
based on certain key expectations and assumptions made by Oil
Optimization. Although Oil Optimization believes that the
expectations and assumptions on which such forward-looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward looking statements and
information because Oil Optimization can give no assurance that
they will prove to be correct. By its nature, such forward-looking
information is subject to various risks and uncertainties, which
could cause the actual results and expectations to differ
materially from the anticipated results or expectations expressed.
Readers are cautioned not to place undue reliance on this
forward-looking information, which is given as of the date hereof,
and to not use such forward-looking information for anything other
than its intended purpose. Oil Optimization undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by law.
Neither 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.
This news release is intended for distribution in Canada only
and is not intended for distribution to the United States newswire
services or dissemination in the United States. It does not
constitute an offer to sell or a solicitation of an offer to buy
nor shall there be any offer or sale of any of the Common Shares in
any jurisdiction in which such offer or sale would be unlawful. The
Common Shares have not been and will not be registered under the
U.S. Securities Act, or the securities laws of any state of the
United States and may not be offered or sold within the United
States or to, or for the account or benefit of, a U.S. Person (as
defined in Regulation S under the U.S. Securities Act) unless
registered under the U.S. Securities Act and applicable state
securities laws or pursuant to an exemption from such registration
requirements.
For additional information contact:
Luc Desmarais
President & CEO
Email: ir@oilop.com
Website: www.oilop.com
NOT FOR DISTRIBUTION TO THE UNITED STATES WIRE SERVICES OR
DISSEMINATION IN OR INTO THE UNITED STATES
SOURCE: Oil Optimization Inc.
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