VANCOUVER, British Columbia, May 29, 2020 (GLOBE NEWSWIRE) — United Hunter Oil & Gas Corp. (TSXV: UHO) and Frankfurt (UHO: A118VK) (the “Company”), announces a follow on non-brokered private placement (the “Offering”) of an initial 5,000,000 common shares of the Corporation (the “Common Shares”) at a price of $0.05 per Common Share for an initial gross proceeds of up to $250,000. The Offering also provides for an over-allotment option, which can be exercised by the Company at any time prior to the closing of the Offering, of an additional 5,000,000 Common Shares resulting in a potential of $500,000 in total gross proceeds and the issuance of up to potentially 10,000,000 common shares (assuming the over-allotment option is exercised in full) at price of $0.05 per common share.
The proceeds of the Offering will be used for the evaluation of new acquisition opportunities, general and administrative expenses and for general working capital purposes. The Offering is subject to the acceptance of the TSX Venture Exchange (the “TSXV”).
The Company may pay finder’s fees in accordance with the policies of the TSXV. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation.
About United Hunter
United Hunter Oil & Gas Corp. (www.unitedhunteroil.com) is a Canadian based corporation with management very experienced in the oil and gas industry. United Hunter Oil & Gas Corp. is publicly traded on TSX Venture Exchange (TSX-V: UHO) and Frankfurt Exchange (UHO: A118VK). The Company’s public filings may be found at http://www.sedar.com.
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This news release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information includes statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. Forwarding-looking statements in this news release include the statements regarding the use of proceeds from the Offering. Actual results could differ materially from those currently anticipated due to factors such as: (i) the decision to not close the Offering for any reason; and (ii) the need for additional financing. Except as required by law, the Company does not intend to update any changes to such statements.
Neither 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.