Point Loma Resources Ltd.
TSX VENTURE : PLX

Point Loma Resources Ltd.

December 11, 2017 08:00 ET

Point Loma Provides Update on Its Short-Form Prospectus Offering

CALGARY, ALBERTA--(Marketwired - Dec. 11, 2017) -

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

Point Loma Resources Ltd. (TSX VENTURE:PLX) ("Point Loma" or the "Company") is pleased to announce that it has been notified by Mackie Research Capital Corporation (the "Agent"), the agent of Point Loma's commercially reasonable efforts short form prospectus financing of flow-through shares previously announced on November 28, 2017 (the "Offering"), that following the receipt by the Company of its (final) short form prospectus, the Agent intends to fully exercise its over-allotment option to close concurrently with the closing of the Offering, for market stabilization purposes.

Upon full exercise of the over-allotment option by the Agent, approximately 1,363,636 additional common shares of Point Loma will be issued as "flow through shares" within the meaning of the Income Tax Act (Canada) (the "Flow-Through Shares"), at the same per share price under the Offering, being $0.33 per Flow-Through Share. Assuming the full exercise of the over-allotment option by the Agent, Point Loma's aggregate gross proceeds from the Offering are now estimated to be approximately $3,450,000. Upon closing of the Offering, Point Loma is expected to have approximately 52,533,452 common shares issued and outstanding.

The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction where such offer, solicitation, or sale would be unlawful.

About Point Loma Resources Ltd.

Point Loma is a public oil and gas exploration and development company focusing on conventional oil and gas reservoirs in west central Alberta. Point Loma's business plan is to utilize its experience to drill, develop and acquire accretive assets with potential for horizontal multi-stage frac technology and exploit opportunities for secondary recovery. For more information, please visit Point Loma's website at www.pointloma.ca or Point Loma's profile on the System for Electronic Document Analysis and Retrieval website at www.sedar.com.

A Note Regarding Forward-Looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws, including without limitation, statements pertaining to the Agent's intention to fully exercise its over-allotment option to close concurrently with the closing of the Offering and Point Loma's expectations as to the anticipated amount of aggregate proceeds from the Offering. Such forward-looking statements are based on a number of assumptions, including the timely receipt of all required regulatory approvals for the Offering, the satisfaction of other closing conditions pertaining to the Offering, and the marketing and pricing of the Offering. The exercising of the over-allotment option is subject to the Company meeting all conditions to the closing of the Offering, including, but not limited to Point Loma obtaining receipt for the (final) short form prospectus from applicable securities regulatory authorities and receiving all necessary approvals from the TSX Venture Exchange.

The use of any of the words "will", "expects", "plans", "potential", "intend", "may", "believe", and similar expressions are intended to identify forward-looking statements or information. Although Point Loma believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Point Loma cannot give assurance that they will prove to be correct.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements and information contained in this press release are made as of the date hereof and Point Loma does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

This press release is not for publication or dissemination in the United States. Failure to comply with this restriction may constitute a violation of United States securities law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.

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