CALGARY, ALBERTA–(Marketwired – July 29, 2016) – Bayshore Petroleum Corp. (“Bayshore” or the “Company”) (TSX VENTURE:BSH) announces that, as an update to the news release of June 30, 2016, the Company continues its discussions with E-T Energy Ltd. (“ET”). ET advises the Company that it has made progress in its efforts to restructure, and Bayshore awaits the conclusion of that work. A further announcement will be made by August 31, 2016. Bayshore shares remain halted from trading, and shall remain halted from trading pending receipt of applicable documentation by the TSX Venture Exchange or cessation of negotiations with ET.
The Company also announces its intention to complete a non-brokered private placement of securities consisting of 2.67 million common shares at $0.1125 per share for gross proceeds of $300,000, less any commissions or finders fees paid. Proceeds from the financing are to be applied to general working capital. There is a hold period of four months after issuance during which the shares cannot be traded, and the placement is subject to approval of the TSX Venture Exchange.