Calgary, Alberta–(Newsfile Corp. – May 28, 2024) – Tuktu Resources Ltd. (TSXV: TUK) (“Tuktu” or the “Company“) is pleased to announce the closing of the acquisition of southern Alberta oil assets (the “Assets“) owned and operated by an arm’s length public company, as previously announced in press releases on October 18, 2023 and December 29, 2023. The Company has also completed the brokered private placement (the “Private Placement“) announced on April 17, 2024. Pursuant to the Private Placement, the Company received gross proceeds of approximately $1.35 million from the issuance of 26,950,000 units of the Company (the “Units“) at a price of $0.05 per Unit. Each Unit is comprised of one common share of the Company (a “Common Share“) and one common share purchase warrant (a “Warrant“) with each Warrant entitling the holder to purchase one Common Share at a price of $0.075 for a 36-month term ending May 28, 2027.
The net proceeds of the Private Placement will be used for working capital purposes and to fund development projects including well recompletions and workovers.
Canaccord Genuity Corp. (the “Agent“) acted as the sole agent and sole bookrunner in connection with the Private Placement. In consideration for its services, the Company has paid the Agent a commission, of which a portion was paid in cash in an aggregate amount equal to $142,700, and a portion of which was paid through the issuance of 1,000,000 Units, and issued 1,854,000 broker warrants (the “Broker Warrants“) to the Agent, with each Broker Warrant entitling the Agent to purchase one Unit at an exercise price equal to $0.05 for a period of 36 months ending May 28, 2027.
About Tuktu Resources Ltd.
Tuktu is a publicly traded junior oil and gas development company headquartered in Calgary, Alberta with producing oil and gas properties in southern Alberta.