CALGARY, ALBERTA–(Marketwired – Jan. 31, 2017) – Strategic Oil & Gas Ltd. (TSX VENTURE:SOG) (“Strategic” or the “Company“) is pleased to announce the closing of its previously announced brokered private placement offering (the “Private Placement”) led by Paradigm Capital Inc. (the “Agent”), pursuant to which an aggregate of 47,916,600 Common Shares of the Company (each, a “Common Share”), including 6,249,933 Common Shares issued upon the exercise of the Agent’s over-allotment option, were sold at a price of $0.12 per Common Share, raising aggregate gross proceeds of approximately $5.75 million. The Agent received a commission equal to 5% of the gross proceeds raised under the Private Placement. At closing of the Private Placement, Strategic had 927,479,913 Common Shares issued and outstanding.
The net proceeds of the Private Placement will be primarily used for development of the Company’s Alberta assets, general corporate and working capital purposes. The Common Shares issued in the closing will be subject to a hold period expiring June 1, 2017.
About Strategic Oil & Gas
Strategic is a junior oil and gas company with a dominant land position in Canada. The Company is committed to building a premier oil producer through its high-quality, concentrated reserve base, and constructing an operated integrated sales infrastructure to support the Company’s significant future growth. Strategic’s common shares trade on the TSX Venture Exchange under the symbol SOG.