Jagercor Energy Corp. Announces First Tranche Closing of $764,085

Loading...
Loading...

Vancouver, British Columbia / ACCESSWIRE / October 27, 2014 / Jagercor Energy Corp. JEM ("Jagercor" or the "Company") is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement of up to $2,000,000 (the "Private Placement"). Total gross proceeds of $764,085 were raised in the first tranche from the sale of 12,734,751 units ("Units") at a price of $0.06 per Unit. Each Unit is comprised of one common share of Jagercor and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable to acquire one additional common share of Jagercor at any time for a two year period following issuance, at an exercise price of $0.12 per common share.

Subscribers under the first tranche closing consisted of accredited investors, existing shareholders (all of whom are also accredited investors) and certain officers and directors of the Company. All securities issued under the first tranche closing will be subject to a four month hold period until February 28, 2015, pursuant to applicable securities laws.

The Company intends to allocate the net proceeds raised from the Private Placement, including the net proceeds from the first tranche closing, as follows: (1) approximately CDN$1,500,000 to pay a portion of the remaining balance due to Central International Corporation Sucursal Argentina ("Central") under a previously announced Development Agreement entered into by the Company with Central to fund the drilling of three wells at Catriel Oeste Oil Concession, located in Rio Negro Province, Argentina; and (2) the balance for general working capital purposes.

Although the Company intends to use the proceeds of the Shareholder Offering as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on future operations or unforeseen events or opportunities. If the Private Placement is not fully subscribed, the Company will apply the proceeds to the above uses in priority and in such proportions as the Board of Directors and management of Jagercor determine is in the best interests of the Company.

About Jagercor Energy Corp.

Jagercor is a diversified, upstream oil and gas services company with capabilities in reservoir development, production optimization and production management. The Company has a skilled technical and highly trained management team with many years of operational experience in the oilfield operation sector in Argentina.

ON BEHALF OF THE BOARD OF DIRECTORS

"Edgardo Russo"

JAGERCOR ENERGY CORP.
Edgardo Russo
President & CEO

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law, including statements regarding the proposed uses of the net proceeds from the Private Placement. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Jagercor, nor is it an offer to sell securities or a solicitation of an offer to buy securities in any state or jurisdiction where prohibited by law. No securities referred to herein have been or will be registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

Loading...
Loading...

The Canadian National Stock Exchange (CNSX) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this document.

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES

271014/1631/W97

 

SOURCE: Jagercor Energy Corp. 

Loading...
Loading...
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...