Turner Enters Into a $25,000,000 Placement Agent Agreement with Network 1 Financial Securities, Inc.
HOUSTON, April 20, 2017 /PRNewswire/ -- Turner Valley Oil and Gas, Inc. (the "Company") ("Turner") (OTC:TVOG), pending name change to Turner Venture Group, Inc., today announced that it has entered into an exclusive engagement with Network 1 Financial Securities, Inc. to be the Company's Investment Banker to complete a $25,000,000 capital placement. The placement will be used to accelerate growth through acquisitions as previously announced, one of which includes the strategic asset acquisition of an International Bitumen Tanker Shipping Company.
"Network 1 Financial is a highly-regarded investment bank that has shown recent success in helping other emerging OTC companies effectively secure financing," said Steve Helm, CEO of Turner Venture Group, Inc. "After meeting with the team at Network 1 in New Jersey, we felt compelled and excited about their enthusiasm, experience, depth of knowledge, and previous successes. We are looking forward to working with Network 1 to help us meet our capital raising needs to complete this first acquisition."
Management negotiated the placement utilizing preferred stock, which will offer a yield to the investors and also help Turner keep dilution of its common stock to a minimum. This transaction is consistent with the previously announced acquisition of 5 (five) Bitumen Tanker Ships valued at over $28MM and with a run rate of over $14,000,000 in revenue, which has been structured using preferred shares as well.
Turner's management team has been working aggressively in the last few months to complete all of the critical steps that were shared with our shareholders. These milestones included the identification and acquisition of key assets, engagement of an auditor, engagement of an investment bank, and the execution of a capital placement agreement.
With the engagement of Network 1, the Company will now work to become fully SEC compliant, up-list to the OTCQB, and complete final compliance and required closing conditions to fully capitalize the Company for growth. The investment bank has a successful track record covering over 30 years in taking emerging OTC companies to larger exchanges like the NASDAQ and NYSE, and Turner has plans to pursue the same path.
"We are thrilled to be working with Turner Venture Group, Inc. on this new and exciting opportunity. Due to the global surge in demand for bitumen shipping, we believe this is the perfect time for Turner to enter this segment," said Adam Pasholk, Managing Director of Network 1 Financial Securities, Inc.
The Company is working with the Network 1 to finalize the financial model including forward-looking projections, the closing of these initial 5 Bitumen Shipping Vessels as well as the projected acquisition plan, which includes expansion via the purchase of a large number of vessels at discounted valuations which are currently under negotiation. Turner will announce these details as well as other pertinent information through its Corporate Website and in a subsequent press announcement.
Existing shareholders and prospective investors can sign up to receive company news, announcements and investor updates at http://turnerventuregroup.com/signup/.
About Turner Valley Oil and Gas, Inc.
Turner Valley Oil and Gas, Inc. (pending name change to Turner Venture Group, Inc.) (OTC:TVOG) is a business holding company, with a historical focus on energy related holdings. The Company's acquisition model is focused on finding and evaluating profitable small to mid-sized businesses as acquisition candidates where cash flow can be improved through its buy, build & bolt-on model within the shipping, real assets, energy, infrastructure, hemp, enterprise technology, food and beverage, and manufacturing segments.
Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.
SOURCE Turner Venture Group, Inc.
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