SOURCE: Yaletown Energy Capital Corp.

March 22, 2016 21:23 ET

Yaletown Energy Capital Corp. Closes an $830,000 Private Placement and Announces Strategic Relationship With Niven Fischer Energy Services

VANCOUVER, BC--(Marketwired - March 22, 2016) - Yaletown Energy Capital Corp. (the "Company") is pleased to announce that it has closed a Private Placement comprised of 3,320,000 Common Shares of the Company at $0.25 per Common Share for gross proceeds of $830,000. The proceeds of the Private Placement will be used for general working capital purposes and for the planned re-habilitation of several flooded oil wells. Finder's fees comprising 50,000 share purchase warrants, each exercisable over 3 years into a common share of the Company at an exercise price of $0.35, were paid in connection with the sale of the Common Shares.

"We are delighted to be able to successfully complete this Friends & Family financing despite the current difficult market conditions in the Canadian oil patch," says Emil Fung, President & CEO. "The Company will now proceed with the proving phase of our business plan, which will target three suspended light oil wells for production re-habilitation. Our partners and staff are excited to deploy cutting-edge 'hot neutron' well-logging technology to accurately pinpoint regions of water ingress and oil pay. We have also been actively researching various methods for undertaking water shut-off and look forward to embarking on our first successful re-habilitation of a flooded oil well."

In connection with this financing, the Company is also pleased to announce the commencement of a strategic relationship with Niven Fischer Energy Services Inc., a Calgary-based management company who provides asset management, freehold mineral land management, liability management, due diligence, technical support and evaluation and advisory services to the Canadian oil & gas industry ("Niven Fischer"). Niven Fischer will provide advisory services to the Company in the selection of suspended oil wells suitable for re-habilitation. As part of its remuneration package, the Company plans to grant to Niven Fischer 300,000 share purchase warrants, each exercisable over 3 years into a common share of the Company at an exercise price of $0.35.

ABOUT YALETOWN ENERGY CAPITAL CORP. 

The principal business of Yaletown Energy Capital Corp. is the re-habilitation of suspended oil wells in the Canadian Western Sedimentary Basin using innovative analytical and recovery technologies. The Company engages in a "win-win" partnership with owners of suspended oil wells by solely bearing the investment risk associated with the conduct of technologically-advanced well logging, water shut-off and re-completion techniques. Upon successful well re-habilitation, the Company receives a gross overriding royalty from resultant production. In the Province of Alberta alone, there exists over 165,000 suspended oil wells, offering the Company significant opportunities to target the re-habilitation of high-yielding wells with low production decline characteristics.

Yaletown Energy Capital Corp. is a Canadian public reporting issuer (CUSIP # 98459P) whose corporate and financial information can be found on www.sedar.com. The Company changed its name from Trinity Intercontinental Ventures Corp. to Yaletown Energy Capital Corp. on December 4, 2015.

On behalf of the Board of Directors

"Emil Fung"
President and Chief Executive Officer

Forward looking statements

Certain statements contained in this release may constitute forward-looking information. These statements may relate to future events or future performance, including the use of proceeds of the Private Placement. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Any forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward - looking information. The foregoing statements expressly qualify any forward - looking information contained herein.

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