Oakmont Minerals Corp.
TSX VENTURE : OMK

Oakmont Minerals Corp.

December 16, 2014 12:31 ET

Oakmont Announces Revised Terms of Brokered Private Placement & GreenPower Motor Company Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 16, 2014) -

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

Oakmont Minerals Corp. (TSX VENTURE:OMK) ("Oakmont" or the "Company") announces that it has reduced the minimum offering amount in connection with its brokered private placement (the "Offering").

As described in Oakmont's press releases dated September 23, 2014 and October 27, 2014, Oakmont is undertaking the Offering in connection with the proposed amalgamation of Oakmont with GreenPower Motor Company Inc. ("GreenPower"), which will constitute a Reverse Takeover (the "Transaction") of Oakmont, as defined in the policies of the TSX Venture Exchange (the "Exchange").

The Company has decided to reduce the minimum offering from 16,000,000 common shares to 11,200,000 common shares. The maximum offering amount and price per common share shall remain and therefore, the Offering shall now consist of a minimum of 11,200,000 common shares and a maximum of 20,000,000 common shares, at a price of $0.25 per post consolidation (on a one (1) for two (2) basis) common share, for minimum aggregate proceeds of $2,800,000 and maximum aggregate proceeds of $5,000,000, subject to the receipt of approval from the Exchange. Up to $1,000,000 of the Offering, or such other amount as agreed to between the Company and the agent, may still be completed on a non-brokered basis and closing of the Offering remains conditional upon, among other things, Exchange approval of the Offering and the Transaction and the concurrent closing of the Transaction.

In connection the transaction with GreenPower, Oakmont is pleased to announce that GreenPower has entered into a letter of intent (the "Letter of Intent") with AMC Transportation Services, Inc. ("AMC"), whereby AMC has agreed to sell GreenPower's EV350. AMC is based in Orlando, Florida and offers a broad range of transportation services. AMC has identified an opportunity to sell up to 7 EV350's for shuttle operations at a theme park, up to 5 vehicles for shuttle operations with an entertainment company and up to 5 vehicles for scheduled route services to a university based in Florida.

Pursuant to the Letter of Intent, GreenPower will configure a 2015 model year of the EV350 for the shuttle operations and will lease an EV350 consecutively to each potential customer identified by AMC for a one month trial period whereby the customer can evaluate, test and demonstrate the operational capabilities of the EV350. At the conclusion of a successful trial period then it is anticipated that the customer will sign a bill of sale to purchase each EV350 at an estimated price of U.S. $895,000. For its services, GreenPower has agreed to pay to AMC a fee of 10% of the cash paid on the sales proceeds.

This news release is not an offer of securities of the Company for sale in the United States. The above described issuances of securities of the Company 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 an applicable exemption from registration. This news release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of the above described securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

On Behalf of the Board of Directors of Oakmont

OAKMONT MINERALS CORP.

Fraser Atkinson, Chairman, Chief Executive Officer and Director

Disclaimer for Forward-Looking Statements

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. Forward-looking information in this press release includes, but is not limited to, statements regarding expectations of management regarding the issuance of common shares pursuant to the Offering, the opportunity to sell up to 17 EV350 buses, that each customer will sign a bill of sale to purchase each EV350, and the price of future vehicle acquisitions. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that the offering may not be completed as expected or at all, that the TSX Venture Exchange may not approve the Offering or the Transaction with GreenPower, while AMC has identified several possible customers, there can be no assurance that the Letter of Intent will result in any sales of the EV350 and such other factors beyond the control of the Company. Except as required by law, the Company expressly disclaims any obligation, and does not intend, to update any forward-looking statements or forward-looking information in this news release.

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

  • Oakmont Minerals Corp.
    Fraser Atkinson
    Chairman, Chief Executive Officer and Director
    (604) 220-8048
    (604) 681-1867 (FAX)