February 9, 2016 - 6:34 PM EST
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International Softrock Announces Shares for Debt Issuance, Private Placement

International Softrock Announces Shares for Debt Issuance, Private Placement



Calgary, Alberta (FSCwire) - International SoftRock Oil Company Limited (the “Corporation” or “SoftRock”) (TSXV: SOF) announces that it has approved the settlement of outstanding consulting fees payable to two consultants in an aggregate settlement amount of $35,000.00, through the issuance of an aggregate of 200,000 common shares in the capital of the Corporation (“Common Shares”), at a price of $0.10 per common share for 100,000 common shares and a price of $0.25 for 100,000 common shares.  The Common Shares are subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.

 

The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the Common Shares to the Chief Executive Officer of the Corporation (i.e., Formal Valuation Requirement - Issuer Not Listed on Specified Markets; Minority Approval Requirement - Fair Market Value Not More Than 25% of Market Capitalization).

 

In addition, the Company also announced today that it intends to complete a non-brokered private placement (the “Offering”) to sell a total of 2,000,000 common shares of the Company to certain investors at a price of $0.10 per Share for gross proceeds of $200,000.00.  No finder’s fees will be payable as a consequence of closing this transaction, and securities issued pursuant to the Offering will be subject to a four month hold period.  The offering is scheduled to close on or before March 8, 2016, and remains subject to regulatory approval.  Proceeds will be applied to the Company’s working capital.

 

The issuance of all Common Shares is subject to TSX Venture Exchange final acceptance.

 

For further information, please contact:

 

David E.T. Pinkman, COO/CFO

International SoftRock Oil Company Limited

Tel: (403)863-6034

Email: dpinkman@softrockoil.com

 

Neither the NEX Board, TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

 

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.



To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/internatsoftrock02092016.pdf

Source: International SoftRock Oil Company Limited (TSX Venture:SOF) http://sfrenergy.squarespace.com/

 

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Source: FSCwire (February 9, 2016 - 6:34 PM EST)

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