Bayshore Petroleum Corp.
TSX VENTURE : BSH

January 30, 2012 09:00 ET

Bayshore Petroleum Corp. Announces Closing of Last Tranche of Private Placement

CALGARY, ALBERTA--(Marketwire - Jan. 30, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISTRIBUTION IN THE U.S.

Bayshore Petroleum Corp. (TSX VENTURE:BSH) ("Bayshore" or the "Corporation") announces that it has closed the sale of 2,328,616 units ("Units") for gross proceeds of $407,507.80 pursuant to Bayshore's private placement previously announced on June 16, 2011. The final subscription was subject to approval of the individual subscriber's Personal Information Form (PIF) by the TSX Venture Exchange, such approval having been received on January 10th, 2012. Each Unit consists of one common share (the "Common Share") in the capital of the Corporation and one (1) Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.20. The Common Shares and Warrants are subject to a hold period which expires on May 28, 2012. The Warrants expire on January 27, 2015.

The proceeds will be used to continue funding existing business development, potential projects acquisition and working capital for the Corporation.

Cautionary Statements

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.

Contact Information

  • Bayshore Petroleum Corp.
    Peter Ho
    President and Chief Executive Officer
    (403) 265-8820