Sintana Announces Closing of Private Placement
24 January 2022 - 11:40PM
Sintana Energy Inc. (TSXV: SEI) (the “
Company” or
“
Sintana”) is pleased to announce that it has
closed its previously announced non-brokered private placement (the
“
Offering”), pursuant to which it has issued an
aggregate of 5,128,205 common shares at a price of US$0.117 per
share to Charlestown Energy Partners, LLC to raise aggregate gross
proceeds of US$600,000. The gross proceeds of the Offering will be
used for general corporate purposes and to fund a deposit in the
amount of US$500,000 payable to Grisham Assets Corp. in connection
with the proposed acquisition (the “
Acquisition”)
by the Company of a 49% interest in all of the issued and
outstanding shares of Inter Oil (Pty) Ltd. (“
Inter
Oil”). As previously announced, Inter Oil indirectly holds
a strategic portfolio of onshore and offshore petroleum exploration
license interests in Namibia.
The completion of the Acquisition and all
related transactions remain subject to various additional
conditions including the approval of the TSXV and other applicable
securities regulators, and certain other closing deliverables.
Accordingly, there can be no assurance that the Acquisition or any
related financing transactions will be completed upon the terms
currently proposed or at all. For further details, please refer to
the press releases of Sintana dated September 15, November 15 and
November 26, 2021, and January 20, 2022, each available on SEDAR at
www.sedar.com.
All securities issued pursuant to the Offering
are subject to a statutory hold period expiring on May 22,
2022.
About Sintana
The Company is currently engaged in hydrocarbons
exploration and development activities in Colombia’s Magdalena
Basin. Sintana’s business strategy is to acquire, explore, develop
and produce superior quality assets with significant reserves
potential.
On behalf of Sintana Energy Inc.,
“Douglas G. Manner” Chief Executive Officer
For additional information regarding Sintana and
ongoing corporate activities, please visit the Company’s website at
www.sintanaenergy.com.
Corporate
Contact: |
Corporate
Contact: |
Douglas G. Manner |
Sean J. Austin |
Chief Executive Officer |
Vice President |
Tel: 832.279.4913 |
Tel: 713.825.9591 |
Neither the TSX Venture Exchange nor its
regulation services provider has reviewed or accepted
responsibility for the adequacy or accuracy of this press
release.
Forward Looking Statements – Certain information
set forth in this news release may contain forward-looking
statements that involve substantial known and unknown risks and
uncertainties, including risks related to the satisfaction of all
outstanding closing conditions for the completion of the
Acquisition and/or related transactions, currency risk, political
and security risks relating to operations in Namibia, availability
of capital, permitting and land title issues, the risks inherent in
oil and gas exploration and development activities, and such other
risk factors as are set forth in the Company’s continuous
disclosure documents available on SEDAR from time to time. These
forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of the
Company. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on forward-looking statements.
The Company disclaims any obligation to update the forward looking
statements contained herein other than as required under applicable
securities laws.
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