CALGARY, ALBERTA–(Marketwired – April 12, 2016) – Valparaiso Energy Inc. (the “Corporation“) (NEX:VPO.H) is pleased to announce the closing of the second tranche of a non-brokered private placement (the “Private Placement”) resulting in the aggregate gross proceeds of $102,000. A total of 5,100,000 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.
The Corporation also announces, effective April 11, 2016, William J. Wylie resigned as Director, President and Chief Executive Officer of the Corporation. Valparaiso Energy Inc. thanks Mr. Wylie for his dedicated and long-term service in this role. Mr. Wylie will be retained as a consultant and advisor of the Corporation.