CALGARY, Alberta, Dec. 11, 2014 (GLOBE NEWSWIRE) — Quattro Exploration and Production Ltd. (TSX-V:QXP) (“Quattro” or the “Company“) is pleased to report that it has completed a non-brokered private placement (the “Private Placement“) in the aggregate amount of $1,008,000 consisting of the issuance of 2,400,000 common shares, on a “flow-through” basis, to Canadian institutional subscribers at a price of $0.42 per common share. Such shares are subject to a four month hold period that expires on April 12, 2015. In connection with a portion of the offering, the Company paid a finder’s fee of $25,200 representing 5% of the aggregate subscriptions secured by an eligible finder.
The proceeds of the Private Placement will be used for oil and natural gas exploration in Western Canada.
About Quattro Exploration and Production Ltd.
Quattro Exploration and Production Ltd. (“QXP”) continues to focus on the conventional exploration and development of oil and natural gas reserves in Western Canada, primarily in south central Saskatchewan, with an expanding presence in Western Canada. Our core low risk production base will provide us the capacity to aggressively pursue a series of high impact exploration and development efforts in Western Canada, Central and South America. The company intends to balance this portfolio of activities to assure its shareholders that it achieves material growth including reserves, production and profitability.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Trading in the securities of Quattro Exploration & Production Ltd. should be considered highly speculative. 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.