develop properties.Hope in this bad market they are successful.
Oracle Energy Corp (2) (C:OEC)
Shares Issued 30,005,139
Last Close 11/30/2012 $0.135
Monday December 03 2012 - News Release
Mr. Nasim Tyab reports
ORACLE ENERGY CORP ANNOUNCES PRIVATE PLACEMENT
Oracle Energy Corp. has arranged a non-brokered private placement financing of up to $2-million.
The private placement will consist of the issuance of up to 16 million units of the company at 12.5 cents per unit for proceeds of up to $2-million, with each unit consisting of one common share of the company and one-half of one non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the company at a price of 20 cents for a period of 24 months following the closing date.
Finders' fees may be paid by the company in conjunction with the completion of the private placement in accordance with TSX Venture Exchange policies.
All of the securities issued pursuant to the private placement will be subject to a restricted period of four months and one day from the date of closing.
The company intends to use the proceeds from the sale of the units for advancing projects that the company may acquire in Nigeria and for general working capital purposes. The private placement is subject to approval from the TSX Venture Exchange.
The company received TSX Venture Exchange approval for the extension of seven million warrants for a two-year period until Dec. 9, 2014, originally set to expire on Dec. 9, 2012. The exercise price remains the same at 15 cents per share. These warrants were issued pursuant to a private placement announced by the company on Oct. 28, 2010, and updated on Nov. 4, 2010.