SASKATOON, SASKATCHEWAN–(Marketwired – Dec. 23, 2015) – WESTCORE ENERGY LTD. (TSX VENTURE:WTR) (“Westcore” or the “Company”) is pleased to announce that it has completed its recently announced equity offering of units for aggregate gross proceeds of $600,000. An aggregate of 30,000,000 units have been issued, each at a subscription price of $0.02 per unit and consisting of one common share of the Company and one common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at a price of $0.03 per common share (subject to completion of a one-for-five consolidation) until the date that is twenty-four (24) months from the date of completion of the Company’s acquisition of a 100% working interest in the oil and gas properties of 49 North Resources Inc. and its wholly-owned subsidiary, Allstar Energy Limited (“Allstar”). All of the common shares and warrants issued in connection with this financing are subject to a statutory four-month hold period in accordance with applicable securities laws, which will expire on April 24, 2016.
The proceeds of this offering will be used to advance Westcore’s existing oil and gas assets (to fulfill Westcore’s obligations in connection therewith and via a loan to Allstar for the purposes of advancing such properties), as well as to provide general working capital.
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