Calgary, Alberta (FSCwire) - Jadela Oil Corp. (JOC-TSX.V) (“Jadela”) wishes to announce  that it will be seeking shareholder approval at the annual general and special meeting of shareholders to be held on April 20, 2015 to consolidate its common shares on the basis of 5 old for 1 new.  Jadela will seek shareholder approval for a name change but may retain its existing name and trading symbol.  Jadela will seek disinterested shareholder to re-price the exercise price for existing options and warrants to $0.075 per common share.

 

Jadela has sought TSXV approval for a proposed non-brokered private placement of up to 1,500,000 units at a price $0.05 per unit for gross proceeds of up to $300,000.  Each unit will be comprised of one common share (post 5 old for 1 new consolidation) in the capital of Jadela and one share purchase warrant.  Each full warrant will entitle the holder to purchase one common share (post 5 old for 1 new consolidation) at a price of $0.075 per common share exercisable no later than the date that is two years from the date of issuance of such warrant provided.   All of the securities issued under the private placement will be subject to a four month resale restriction and will contain a legend which will detail the resale restriction.  There is no minimum subscription under the private placement and Jadela may close the offering in several tranches, however, the private placement must be concluded within 45 days of the consolidation of the common shares. The proceeds of the private placement will be unallocated and may be used for working capital or to partially fund acquisitions.  In connection with this private placement, Jadela will pay cash finder's fees equal to 8% of the funds raised to eligible finders who introduce subscribers to the private placement and issue one common share and one finder's fee warrant for every 10 units issued to eligible subscribers.  Each finder's fee warrant will be issued to finders on the same terms as the warrants comprising the units.  Jadela intends to rely on the Existing Security Holder Prospectus Exemption under Ontario 45-501 and other provincial equivalents.  Shareholders of record or beneficial shareholders as of April 20, 2015 will be eligible to subscribe.

 

Jadela is a junior oil and gas exploration company.  For further information, please contact:

Gregory J. Leia, President and CEO     Jadela Oil Corp. Suite 203 - 221 - 10th Avenue SE Calgary Alberta  T2G 0V9 T: (403) 265 4122 Email: [email protected] Website: www.jadelaoil.com

 

Neither the 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 release.

To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/jadelaoil03202015.pdf

Source: Jadela Oil Corp. (TSX Venture:JOC) http://jadelaoil.com/

 

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