CALGARY, ALBERTA–(Marketwired – Sept. 7, 2016) – Bayshore Petroleum Corp. (“Bayshore” or the “Company”) (TSX VENTURE:BSH) announces that, as an update to the news release of July 29, 2016, the Company continues its discussions with E-T Energy Ltd. (“ET”). ET has now advised Bayshore that ET shareholders have ultimately decided not to proceed with a corporate restructure as previously envisioned and presented to them. The Company is therefore examining remaining options and alternatives to the previous transaction and shall provide a final resolution by September 23, 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 announced 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. Bayshore expects to close this financing by September 23, 2016, or shall provide a further update therein. There is a hold period of four months after issuance during which private placement shares cannot be traded, and the placement is subject to approval of the TSX Venture Exchange.