Woodrose Corporation
TSX VENTURE : WRS.H
NEX BOARD : WRS.H

February 18, 2016 17:32 ET

Woodrose Corporation Elects Not to Acquire Viking Energy (SC-6 Cadlao) Limited

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 18, 2016) -

THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Woodrose Corporation (NEX:WRS.H) ("Woodrose" or the "Company") announces that it has elected not to pursue its proposed acquisition of Viking Energy (SC-6 Cadlao) Limited ("VEP"). As announced by the Company on December 11, 2013, the acquisition of VEP would have constituted a "reverse-takeover" of Woodrose in accordance with the policies of the TSX Venture Exchange (the "TSX-V"). In accordance with the policies of the TSX-V, the Company's common shares have been halted from trading since the announcement of the transaction. The Company has now terminated its letter agreement with the shareholders of VEP in accordance with its terms and intends to apply to the TSX-V for reinstatement of trading of its common shares.

The Company also announces that it is proposing to conduct a non-brokered financing of up to $500,000, comprised of up to 10,000,000 units to be issued at a price of $0.05 per unit. Each unit will be comprised of one common share and one share purchase warrant, exercisable for one year at a price of $0.05. The Company may pay finders fees or commissions in relation to the financing in accordance with TSX Venture Exchange policies.

Net proceeds of the private placement will be used pay down all remaining debt and to provide general working capital as the Company seeks to complete a graduation from the NEX board through the acquisition of qualifying assets or a business.

Securities issued under the private placement will be subject to a four-month hold period under applicable Canadian Securities laws.

The private placement is subject to regulatory approval.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may be not be offered or sold in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ON BEHALF OF WOODROSE CORPORATION

Darren Devine

President, CEO and Director

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

  • Woodrose Corporation
    Darren Devine
    Tel: +1 604-638-8067