CALGARY, Sept. 11, 2017 (GLOBE NEWSWIRE) — Bayshore Petroleum Corp. (“Bayshore” or the “Company”) (TSX Venture Exchange:BSH) announced previously, on May 2, 2017, and updated on May 31, 2017, that the Company would pursue a non-brokered private placement financing consisting of up to 24 million common shares priced at $0.05 per share for gross proceeds of $1.2 million, less any commissions or finders fees paid. Discussions with interested parties since that time have led to changes in the private placement as follows: The Company now announces a non-brokered Private Placement of securities, in total consisting of the sale of up to 50 million units (“Units”) at $0.03 per unit, for gross proceeds of $1.5 million. Each Unit consists of one common share in the capital of Bayshore and one whole common share purchase warrant. Each whole warrant entitles the holder to acquire an additional common share of the Company at an exercise price of $0.05 per share, available for a term of 48 months from closing. Finder’s fees may also be paid to a party at arms-length to the Company. The use of proceeds from the financing is for general corporate purposes and working capital, and to further pursue the Company’s partial upgrading projects using the CCC technology. This private placement is subject to approval by the TSX Venture Exchange, which may also be required to approve the creation of a controlling shareholder. This transaction would also likely require disinterested shareholder approval. There is a hold period of four months during which the Unit shares cannot be traded. The Company expects further updates in the near future.