ST. HELIER, JERSEY, May 15, 2015 /CNW/ - EastSiberian Plc (TSXV NEX: ESB.H) ("EastSiberian" or the "Corporation"), a Jersey company, is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement (the "Financing") pursuant to which it issued today 8,537,569 common shares at a price of $0.05 per common share for gross proceeds of $426,878.45. The first tranche of the Financing closed on April 2, 2015 and raised gross proceeds of $1,040,347.25. The total gross proceeds raised from both closings is $1,467,225.70.
The common shares issued in connection with the Financing will be subject to a four-month-and-one-day hold period from the closing date of the Financing. The hold period for the common shares issued on May 15, 2015 will end on September 16, 2015.
The proceeds from the Financing will be used to pay for work done in respect of initiatives in pursuit of oil and gas opportunities in Latin America, as well as for payment of certain accounts payable, professional fees and general working capital.
Completion of the private placement is subject to certain conditions, including the final approval of the NEX board of the TSX Venture Exchange to the listing of the common shares on the NEX.
EastSiberian is an international junior oil exploration company incorporated in the Bailiwick of Jersey. For further information, please visit the EastSiberian Plc website at www.eastsiberianplc.com. The common shares of the Corporation are currently listed on the NEX.
As previously announced, the common shares of EastSiberian are currently halted from trading on the NEX at the request of the Corporation. The common shares will remain halted until the Corporation completes a third-party engineering review of the Nicaraguan oil and gas concessions and releases this to shareholders.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Advisory Regarding Forward-Looking Statements
This press release contains certain forward-looking statements and forward-looking information (collectively referred to as "forward looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking information typically contains statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release include references to the intention of the use of the net proceeds from the Financing; and business plans and strategies of the Corporation.
Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized and in particular, that EastSiberian's initiatives in Latin America will be succsesful. Actual results will differ, and the difference may be material and adverse to EastSiberian and its shareholders.
The forward-looking statements contained in this press release are made as of the date hereof and EastSiberian does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
SOURCE EastSiberian Plc