CALGARY, ALBERTA–(Marketwired – March 16, 2016) – Valparaiso Energy Inc. (the “Corporation“) (NEX:VPO.H) is pleased to announce the closing of the first tranche of a non-brokered private placement (the “Private Placement”) resulting in the aggregate gross proceeds of $35,000. A total of 1,750,000 shares (“Shares”) in the capital of the Corporation were issued at a price of $0.02 per Share. The securities issued pursuant to the Private Placement are subject to a four-month hold period.
Proceeds of the offering will be used for remediation of an existing natural gas well in Alberta, environmental work on its properties and for general operational expenses. None of the proceeds will be paid to related parties of the Corporation. The closing of the offering is subject to any and all required regulatory approvals, including approval of the NEX Board of the TSX Venture Exchange.
[expand title=”Advisories & Contact”]This news release may contain certain forward-looking statements that reflect the current views and/or expectations of Valparaiso Energy Inc., with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Specifically, certain of the transactions referenced herein are subject to regulatory approval, and there can be no guarantee that such approvals will be received, in a timely manner or at all. Actual results and events may vary.
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.
Valparaiso Energy Inc.
William J. Wylie
403.266.5515 (Ext. 4)
Bill@raptap.com
[/expand]