Vancouver, British Columbia–(Newsfile Corp. – February 23, 2017) – Molori Energy Inc. (TSXV: MOL) (“Molori” or the “Company”) is pleased to announce the closing of a non-brokered private placement offering (the “Private Placement”) announced on February 16, 2017. The Private Placement closed at 3,000,000 units (“Units”) at a price of $0.10 per Unit for a total of $300,000.
Each Unit will be comprised of one common share and one common share purchase warrant. Each full warrant gives the holder the right to purchase one additional common share of Molori at an exercise price of $0.20 for one year following the closing of the Private Placement.
In connection with the closing of the Private Placement, the Company paid cash finders’ fees equal to 7% of the proceeds and issued finders’ warrants equal to 7% of the number of Units sold. The finders’ warrants have the same terms as the warrants forming part of the Units. All securities issued pursuant to the Private Placement will be subject to a statutory four-month hold period.
Insiders of the Company subscribed for 520,000 Units of the Offering. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 (“MI 61-101”) by virtue of the exemptions contain in section 5.5(b) and 5.7(1) (b) of MI 61-101.
The proceeds will be used toward ongoing operational expenses and for general corporate purposes.
Molori Energy Inc. is an oil and gas production company with current operations in the Texas Panhandle West Field. The Company owns a 25 percent working interest in certain leases located in the bifurcated Texas panhandle, operated by Texas-based independent oil and gas producer Ponderosa Energy, LLC (“Ponderosa”), This giant field was discovered in 1910 and expanded three years later to create one of the largest gas fields in the US The experienced management team at Molori is aggressively acquiring select properties which provide immediate cash flow and development opportunities, now and in the years ahead. Molori is seizing the opportunity, in the current oil & gas environment, to assemble oil and gas production now in the years ahead.
CEO and Director
Molori Energy Inc.
(604) 336 3193
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Cautionary Notes Regarding Forward Looking Statements
This News Release contains forward-looking statements. Forward-looking statements include but are not limited to those with respect to the prices of oil and gas, the estimation of oil and gas resources and reserves, the realization of oil and gas reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, Government regulation of oil and gas operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage and the timing and possible outcome of pending litigation. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes” or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the actual results of current exploration activities, conclusions or economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labor disputes or other risks of the oil & gas industry, delays in obtaining government approvals or financing or incompletion of development or construction activities, risks relating to the integration of acquisitions, to international operations, and to the prices of oil & gas. While the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be 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 expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.