VANCOUVER, British Columbia, Nov. 20, 2017 (GLOBE NEWSWIRE) -- Stamper Oil & Gas Corp. (TSX-V:STMP) (FSE:TMP2) (OTCQB:STMGF) (“Stamper” or “the Company”), is pleased to announce that it has closed off its previously announced private placement offering (the "Common Unit Offering") raising gross proceeds of $1,380,000 that will support expansion of the company's development plans. The private placement was oversubscribed and Directors and Senior Officers, have subscribed for a total of 2,550,000 units for $1,020,000 of this placement.
Pursuant to the Common Unit Offering, the Company issued a total of 3,450,000 units (the "Units") at a price of $0.40 per Unit. Each Common Unit will consist of one (1) common share in the capital of the Company and one (1) non-transformable common share purchase warrant (each "Warrant").
Each Warrant will entitle the holder to acquire one (1) additional common share in the capital of the Company (each "Warrant Share") at an exercise price of $0.50 per Warrant Share for a period of thirty six (36) months from the date of issuance.
In connection with the Offering, the Company payed a $24,400.00 cash finder's fee, to certain arm's length finders (the "Finder"), equal to eight (8%) percent of the gross proceeds raised under the Offering from purchasers introduced to the Company by each Finder. In addition, the Company intends to issue 61,000 non-transferable warrants ("Finder Warrants") in the capital of the Corporation equal to eight (8%) percent of the total number of Common Units sold under the Offering. The Finder’s Warrants will have same terms as outlined in the Common Unit Offering.
All of the Units, including the underlying securities thereof, and the Finder Warrants, including the underlying securities thereof, issued in connection with the Offering will be subject to a four month and one day hold in accordance with Canadian securities laws.
Closing of the Offering is subject to customary conditions, including the acceptance of the TSX Venture Exchange. The Company intends to use the proceeds of the Common Unit Offering for general corporate and administrative purposes.
David Greenway, Stamper's President and CEO stated, "We have received significant interest from investors as well as strong support from our shareholders, and with this over-subscribed financing we look forward to advancing the companies goals."
About Stamper Oil & Gas
Stamper Oil and Gas Corp. (TSX-V:STMP) is an independent international oil and gas company, engaged in the acquisition, exploration and development of conventional oil and natural gas properties. The Company plans to identify and build out a portfolio of high-impact oil and gas prospects, with a focus on Latin America. Stamper is committed to creating sustainable shareholder value by evaluating and developing future prospects into commercially viable assets.
For further information on Stamper Oil and Gas please visit www.stamperoilandgas.com
ON BEHALF OF THE BOARD OF DIRECTORS
“David C. Greenway”
President & Director
For further information, please contact:
Stamper Investor Relations
Phone: (604) 684-2401
Email: info@stamperoilandgas.com
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 release.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Stamper Oil & Gas Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Stamper Oil & Gas Corp. management on the date the statements are made. Except as required by law, Stamper Oil & Gas Corp undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.