Solimar Announces Closing of Private Placement
20 June 2014 - 10:19AM
Marketwired
Solimar Announces Closing of Private Placement
CALGARY, ALBERTA--(Marketwired - Jun 19, 2014) - Solimar Energy
Limited ("Solimar" or the "Company") (ASX:SXS)(TSX-VENTURE:SXS) is
pleased to announce that, further to its previous announcement
dated May 9, 2014 concerning a non-brokered placement, it has
issued a further 2,123,077 units ("Units") at a price of C$0.065
per Unit for aggregate gross proceeds of $138,000 (the "Offering").
Each Unit is comprised of one (1) ordinary share of Solimar
("Share") and one half of one (0.5) right ("Right"). As the Issuer
has previously obtained shareholder approval pursuant to the ASX
rules, immediately thereafter, each Right will be deemed to have
been exchanged by the holder thereof, without payment of additional
consideration or further action on the part of the holder, for one
warrant ("Warrant") to purchase one (1) Share at an exercise price
of $0.065 for a 24 month period following closing.
Pursuant to the Offering, Rio Bravo Commercial Enterprise Inc.
(the "Offeror") purchased an aggregate of 2,123,077 Units for
aggregate consideration of $138,000. Immediately following
completion of the Offering, the Offeror had beneficial ownership
of, and control and direction over, an aggregate of 6,749,752
Shares, or approximately 9.97% of the Shares outstanding.
Immediately following completion of the Offering, the Offeror also
had beneficial ownership of 3,369,231 warrants. If such warrants
are all exercised, the Offeror would have beneficial ownership of,
and control and direction over, 10,118,983 Shares, or approximately
14.24% of the Shares outstanding.
The Offeror acquired the Units for investment purposes. The
Offeror intends to review its investment in Solimar on a continuing
basis. Depending on various factors including, but not limited to,
Solimar's financial position, the market price of the Shares,
conditions in the securities markets and general economic and
industry conditions, the Offeror's business or financial condition
and other factors and conditions the Offeror deems appropriate, the
Offeror may in the future take such actions with respect to its
investment in Solimar as the Offeror considers appropriate. The
Offeror may in the future acquire ownership of, or control and
direction over, further Shares. The Units were acquired by the
Offeror pursuant to an exemption from the prospectus requirement of
applicable securities legislation at Section 2.3 of National
Instrument 45-106, based on the net asset value of the Offeror.
Neither 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.
Reader Advisory: Forward-looking statements
This news release contains forward-looking information relating
to the private placement, planned development and exploration
activities on the properties in which the Company has interests,
and other statements that are not historical facts. Such
forward-looking information is subject to important risks,
uncertainties and assumptions. The results or events predicated in
this forward-looking information may differ materially from actual
results or events. As a result, you are cautioned not to place
undue reliance on this forward-looking information.
Forward-looking information is based on certain factors and
assumptions. While the Company considers these assumptions to be
reasonable based on information currently available to it, they may
prove to be incorrect.
Forward looking-information is subject to certain factors,
including risks and uncertainties that could cause actual results
to differ materially from what is currently expected. These factors
include risks associated with the private placement, risks
associated with instability of the economic environments in which
the Company operates or owns interests, oil and gas exploration,
development, exploitation, production, marketing and
transportation, loss of markets, volatility of commodity prices,
currency fluctuations, imprecision of reserve estimates,
environmental risks, competition from other producers, inability to
retain drilling rigs and other services, incorrect assessment of
the value of acquisitions, failure to realize the anticipated
benefits of acquisitions, delays resulting from or inability to
obtain required regulatory approvals and ability to access
sufficient capital from internal and external sources, reliance on
key personnel, regulatory risks and delays, including risks
relating to the acquisition of necessary licenses and permits,
environmental risks and insurance risks.
You should not place undue importance on forward-looking
information and should not rely upon this information as of any
other date. While the Company may elect to, the Company is under no
obligation and does not undertake to update this information at any
particular time, except as required by law.
ABN 42 112 256 649
Solimar Energy LimitedJason BednarDirector+1 805 643 4100 or
(03) 9347 2409www.solimarenergy.com.au
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