Bayshore Petroleum Corp.

TSX VENTURE : BSH


November 14, 2012 08:00 ET

Bayshore Petroleum Corp. Announces Closing of Private Placement and Additional Private Placement

CALGARY, ALBERTA--(Marketwire - Nov. 14, 2012) - Bayshore Petroleum Corp. (TSX VENTURE:BSH) ("Bayshore" or the "Corporation") announces that it closed a previously announced non-brokered private placement (the "Offering"). Pursuant to the Offering, the Corporation issued 138,000 Common Shares of the Corporation ("Shares") at the price of $0.30 per Share. The Shares are subject to a hold period that expires on February 10th, 2013. Jordan Capital Markets Inc. and NBCN Inc. acted as finders and received cash compensation of 10% of the gross proceeds of the placement.

Bayshore is currently seeking approval from the TSX Venture Exchange for a further private placement of 100,000 Shares at the price of $0.30 per Share to be closed immediately upon receipt of Exchange approval (the "Additional Placement"). Bayshore will pay a cash finder's fee of 10% on the Additional Placement to an arm's length party who assisted with the Additional Placement. Any Shares issued will be subject to a four month hold period. The Additional Placement is subject to regulatory approval.

Bayshore has entered into a Consulting Agreement with Kingdom Capital LLC of Dallas, Texas ("Kingdom") pursuant to which Kingdom will provide to Bayshore consulting services including the introduction and negotiation of sources of financing for Bayshore. Bayshore has contracted with Kingdom to assist Bayshore in reaching its previously announced private placement goal of $2,000,000. Any Shares issued in a private placement will be subject to a four month hold period, and such private placement will be subject to regulatory approval.

Proceeds of all placements will be used to fund the Corporation's ongoing work program in its Saskatchewan oil and gas properties and for general corporate purposes.

Bayshore is a Calgary, Alberta based Corporation engaged in the exploration, development and production of petroleum and natural gas. The Common Shares are listed on the TSX Venture Exchange under the trading symbol "BSH".

Cautionary Statements

Statements in this press release may contain forward-looking information including expectations of future production, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company. These risks include, but are not limited to, the risks associated with the mining industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.

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.

Contact Information

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