CALGARY, Alberta, May 2, 2014 (GLOBE NEWSWIRE) -- Nextraction Energy Corp. (TSX-V:NE) (the "Company" or "Nextraction") announces that it intends to issue, through a non-brokered private placement (the "Private Placement"), 8,333,334 units ("Units") at a price of $0.12 per Unit for gross proceeds of $1,000,000. Each Unit will consist of one common share (a "Common Share") in the capital of the Company and one-half of one non-transferable Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle its holder to purchase one additional Common Share (a "Warrant Share") at a price of $0.20 for a period of twelve months following the date of closing. The Company may pay finder's fees on a portion of the Private Placement of up to 6% of the aggregate proceeds received from placees introduced to the Company by the Finder.
The closing of the Private Placement is subject to the receipt of all necessary regulatory approvals including from the TSX Venture Exchange. Net proceeds from the Private Placement will be used for general corporate purposes.
The Common Shares, Warrants and Warrant Shares issued or issuable under the Private Placement will be subject to a four month hold period.
This news release does not constitute an offer to sell or a solicitation to buy securities in the United States. The securities described herein have not been and will not be registered under the United States Act of 1933, as amended, and may not be sold in the United States or to the benefit of a U.S. person absent and exemption from the registration requirements of such Act.
For further information, please visit the Company's website at www.nextraction.com or contact us by email at info@nextraction.com or call:
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Kent Edney, P.Eng. President Phone: (403) 514-2373 |
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Scott Badcock, CA CFO Phone: (403) 514-2399 |
READER ADVISORY
Cautionary Note Regarding Forward-Looking Statements
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