CALGARY, ALBERTA–(Marketwired – Sept. 26, 2016) – Bayshore Petroleum Corp. (“Bayshore” or the “Company”) (TSX VENTURE:BSH) announces that, as an update to the news release of July 29, 2016, and September 7, 2016, the Company continues to examine a potential transaction with E-T Energy Ltd. (“ET”). A further update will be provided by October 7, 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 announced, originally on July 29, 2016, 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 announces it has closed this financing. Finder’s fees of $30,000 shall be paid to an arms-length party as a result. There is a hold period of four months after issuance during which private placement shares cannot be traded, and the final acceptance of the placement is subject to approval of the TSX Venture Exchange.
On behalf of the Board of Directors
BAYSHORE PETROLEUM CORP.
Peter Ho, Chairman and CEO
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of the Company in the United States. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.