CALGARY, ALBERTA--(Marketwired - Nov. 25, 2016) -
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Raise Production Inc. (TSX VENTURE:RPC) ("Raise" or the "Company") announces that it intends to undertake a non-brokered private placement, subject to regulatory approval, for minimum aggregate gross proceeds of $3,000,000 and maximum of up to $5,000,000 (the "Private Placement"). The proceeds received by the Company from the Offering will be used for development, commercialization and working capital.
The shares are expected to be offered to "accredited investors" within the meaning of National Instrument 45-106, or to such other qualified persons as may be determined by Raise. Qualified current shareholders that may be interested in participating in the Private Placement are encouraged to contact the Company directly.
A finder's fee of 6% cash commission on the gross proceeds raised and 6% agent options on the number of shares issued under the Private Placement will be paid to agents that provide introductions to qualified investors.
All of the securities issued pursuant to the Private Placement will be subject to a four month hold period from the date of issuance. The closing of the Private Placement is conditional upon approval of the TSX Venture Exchange Inc.
About Raise Production Inc.
The Company is an innovative oilfield service company that focuses its efforts on the production service sector, utilizing its proprietary products to enhance and increase ultimate production in both conventional and unconventional horizontal oil and gas wells.
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 news release.
Certain information included in this news release constitutes forward-looking statements under applicable securities legislation. Forward-looking statements or information typically contain or can be identified by statements that include words such as "anticipate", "assume", "based", "believe", "can", "continue", "depend", "estimate", "expect", "forecast", "if", "intend", "may", "plan", "project", "propose", "result", "upon", "will", "within" or similar words suggesting future outcomes or statements regarding an outlook.
Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements with respect to the Corporation's intention to complete the Private Placement and the use of proceeds from the issuance of common shares of the Corporation. Material assumptions and factors that could cause actual results to differ materially from such forward-looking information include management's ability to raise the minimum proceeds and the failure to obtain final approval from the TSX Venture Exchange. Although the Corporation believes that the material assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.