July 29, 2016 - 7:42 PM EDT
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Bayshore Petroleum Corp. Announces Non-Brokered Private Placement Financing and Update on E-T Energy Ltd. Discussions

CALGARY, ALBERTA--(Marketwired - July 29, 2016) -


Bayshore Petroleum Corp. ("Bayshore" or the "Company") (TSX VENTURE:BSH) announces that, as an update to the news release of June 30, 2016, the Company continues its discussions with E-T Energy Ltd. ("ET"). ET advises the Company that it has made progress in its efforts to restructure, and Bayshore awaits the conclusion of that work. A further announcement will be made by August 31, 2016. Bayshore shares remain halted from trading, and shall remain halted from trading pending receipt of applicable documentation by the TSX Venture Exchange or cessation of negotiations with ET.

The Company also announces its intention to complete a non-brokered private placement of securities consisting of 2.67 million common shares at $0.1125 per share for gross proceeds of $300,000, less any commissions or finders fees paid. Proceeds from the financing are to be applied to general working capital. There is a hold period of four months after issuance during which the shares cannot be traded, and the placement is subject to approval of the TSX Venture Exchange.
On behalf of the Board of Directors


Peter Ho, Chairman and CEO

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of the Company in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Cautionary Statements

Statements in this press release may contain forward-looking information including expectations of future production, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income taxes, regulatory changes, and other components of cash flow and earnings. This press release may also contain forward-looking or subjective information regarding technology, processes, and the oil and gas industry. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company. These risks include, but are not limited to, the risks associated with the mining and oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, technology and technology implementation, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.

Completion of a transaction is subject to a number of conditions, including Exchange acceptance and disinterested Shareholder approval. The transaction cannot close until the required Shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Bayshore should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Bayshore Head Office:
+1403 265 8820
+1403 290 6565
[email protected]

Source: Marketwired (July 29, 2016 - 7:42 PM EDT)

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