Vancouver, British Columbia–(Newsfile Corp. – November 1, 2016) – Taipan Resources Inc. (TSXV: TPN) (“Taipan” or the “Company”) is pleased to announce a non-brokered private placement offering (the “Private Placement”) of up to 8,000,000 units (“Units”) at a price of $0.05 per Unit to raise aggregate gross proceeds of up to $400,000.
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 Taipan at an exercise price of $0.10 for two years following the closing of the Private Placement.
Taipan has a 25% working interest in in fifty seven (57) oil and gas leases in the bifurcated Texas Panhandle, and the proceeds will be used toward ongoing operational expenses, purchasing additional leases in the area and for general corporate purposes.
Taipan Resources Inc. is in the business of consolidating producing oil and gas asset blocks in stablehydro carbon producing regions. Taipan has a 25% working interest in 57 oil and gas leases owned by Ponderosa Engergy, LLC. These leases cover 7,314 acres, and are located in the bifurcated Texas Panhandle. Through its subsidiary “Lion Petroleum Corp.”, Taipan also has a 20% non-operated interest in Block 1 and a 100% operated-interest in Block 2B onshore Kenya.
CEO and Director
Taipan Resources 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.