Valparaiso Energy Inc.
NEX BOARD : VPO.H
TSX VENTURE : VPO.H

April 12, 2016 14:14 ET

Valparaiso Energy Inc. Announces Closing of Second Tranche of Common Share Private Placement and Resignation of Director

CALGARY, ALBERTA--(Marketwired - April 12, 2016) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES.

Valparaiso Energy Inc. (the "Corporation") (NEX:VPO.H) is pleased to announce the closing of the second tranche of a non-brokered private placement (the "Private Placement") resulting in the aggregate gross proceeds of $102,000. A total of 5,100,000 shares ("Shares") in the capital of the Corporation were issued at a price of $0.02 per Share. The securities issued pursuant to the Private Placement are subject to a four-month hold period.

Proceeds of the offering will be used for remediation of an existing natural gas well in Alberta, environmental work on its properties and for general operational expenses. None of the proceeds will be paid to related parties of the Corporation. The closing of the offering is subject to any and all required regulatory approvals, including approval of the NEX Board of the TSX Venture Exchange.

The Corporation also announces, effective April 11, 2016, William J. Wylie resigned as Director, President and Chief Executive Officer of the Corporation. Valparaiso Energy Inc. thanks Mr. Wylie for his dedicated and long-term service in this role. Mr. Wylie will be retained as a consultant and advisor of the Corporation.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

This news release may contain certain forward-looking statements that reflect the current views and/or expectations of Valparaiso Energy Inc., with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Specifically, certain of the transactions referenced herein are subject to regulatory approval, and there can be no guarantee that such approvals will be received, in a timely manner or at all. Actual results and events may vary.

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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