CALGARY, ALBERTA--(Marketwired - Aug. 30, 2013) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES
Samoth Oilfield Inc. ("Samoth" or the "Corporation") (TSX VENTURE:SCD) is pleased to announce a non-brokered private placement for gross proceeds of up to $500,000 (the "Private Placement").
Pursuant to the Private Placement, which is subject to acceptance by the TSX Venture Exchange, Samoth intends to issue, pursuant to applicable exemptions from registration and prospectus requirements of Canadian securities laws, up to 10,000,000 Common Share Units (the "Units) at a price of $0.05 per Unit. Each Unit is comprised of one Common Share and one Common Share Purchase Warrant (each a "Warrant"). Each Warrant entitles the holder to purchase one additional Common Share of Samoth at an exercise price of $0.05 for a period of two (2) years from the date of issuance of the Units.
The proceeds from the Private Placement will be used for the purposes of potential asset acquisition(s), reserves evaluation and for general working capital.
Statements in this press release may contain forward-looking information including, statements regarding expected use of proceeds. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Samoth. The reader is cautioned not to place undue reliance on any forward-looking information. There can be no assurance that the proposed private placement will be completed. The forward-looking statements contained in this press release are made as of the date of this press release, and Challenger does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.
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