CALGARY, ALBERTA--(Marketwired - Oct. 16, 2015) - Vital Energy Inc. ("Vital" or the "Corporation") (TSX VENTURE:VUX) announced today that it intends to complete a non-brokered private placement offering of 10,500,000 common shares at a price of $0.10 per share, for gross proceeds of $1,050,000. One subscriber intends to purchase the entire 10,500,000 common shares under the offering.
The closing of the offering is expected to occur on or about October 30, 2015 and is subject to regulatory approval, including approval of the TSX Venture Exchange. The common shares issued in connection with the offering will be subject to a hold period of four months from the closing. The net proceeds of the offering will be used for Vital's oil and gas exploration and development program, and for general working capital purposes.
Vital Energy Inc. is a publicly traded junior oil and gas company ("VUX" TSXV) whose primary focus is developing light and medium crude oil production in Western Canada.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein.
Forward Looking Statements
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.
(October 16, 2015 - 1:13 PM EDT)
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