The Company intends to use the net proceeds of the private placement for working capital, including due diligence expenses associated with potential natural gas acquisition opportunities in South Texas.
All securities to be issued in connection with the private placement will be subject to a four-month hold period from the closing date under applicable securities laws in Canada. The securities being offered under the private placement have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.