CALGARY, AB & SAN ANTONIO, TX – Nexera Energy Inc. (TSXV:NGY)(OTC PINK:EMBYF) (the “Corporation“, the “Company” or “Nexera“) today reported that the Corporation is proposing a private placement offering of up to $500,000 (up to maximum of 8,333,333 common shares (“Common Shares“) of the Corporation). The Common Shares are to be issued under a unit offering whereby up to a maximum of 8,333,333 units (“Units“) at a subscription price of $0.06 per Unit are to be offered. Each Unit shall consist of one (1) Common Share of the Corporation and one (1) share purchase warrant (the “Warrant“) (each full Warrant shall entitle the holder thereof to purchase one (1) additional Common Share of the Corporation for a period of 12 months from the issuance of the Units at a price of $0.10) (the “Offering“).
The Warrants are subject to an acceleration clause whereby if after four months and one day following the date the Warrants are issued, the closing price of the Common Shares of the Corporation on the principal market on which such shares trade is equal to or exceeds $0.15 for 30 consecutive trading days (with the 30th such trading date hereafter referred to as the “Eligible Acceleration Date“), the Warrant expiry date shall accelerate to the date which is 30 calendar days following the date a press release is issued by the Corporation announcing the reduced warrant term, provided, no more than five business days following the Eligible Acceleration Date: (i) the press release is issued; and (ii) notices are sent to all warrant holders.
The net proceeds from this offering will be used as follows, in accordance with day-to-day operations: (i) Stockdale Horizon prospect mineral lease acquisitions; (ii) Wooden Horse project mineral lease acquisitions, renewals and drilling of the Patriot well(s); (iii) service equipment purchase(s); and (iv) working capital purposes.
All of the Common Shares and Warrants issued pursuant to the private placement are subject to a 4-month hold period. Completion of the private placement is subject to the final approval of the TSX Venture Exchange.
About Nexera Energy Inc.
Nexera Energy Inc. (TSXV:NGY)(OTC PINK:EMBYF) is an energy company with oil producing properties in Southwest Texas. Nexera is owner and operator of the Lavernia, Wooden Horse and Nash Creek Projects. Additionally, the Company owns and operates various working interests in the HugoCellR, Cotulla, and MarPat partnerships. The Company also owns 75% of Production Resources Inc., a South Texas oil company.