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Pulse Oil Announces a Private Placement Offering of Preferred and Common Equity to Fund Bigoray Enhanced Oil Recovery Project
Pulse Oil Announces a Private Placement Offering of Preferred and Common Equity to Fund Bi...
About this update from Pulse Oil Corp.
[{"type":"text","content":"\n\n\n\nPulse Oil Announces a Private Placement Offering of Preferred and Common Equity to Fund Bigoray Enhanced Oil Recovery Project\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:1pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prntblns{\nBORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 21, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES/\n CALGARY, May 21, 2020 /CNW/ - Pulse Oil Corp. (TSX-V:PUL) (the \"Company\" or \"Pulse\") is pleased to announce that it intends to complete a brokered private placement (the \"Private Placement\"), whereby the Company and a wholly owned subsidiary of the Company, Pulse Oil Operating Corp (\"OpCo\") will issue an aggregate number of units (the \"Private Placement Units\") comprised of securities issued by the Company and OpCo for gross proceeds of up to $30,900,000.  Each Private Placement Unit will be priced at $25.75 and will consist of one (1) preferred share (a \"Preferred Share\") in the capital of OpCo, and twenty-five (25) common shares (\"Common Shares\") in the capital of the Company.  The Private Placement will be conducted on a commercial efforts basis for the issuance of up to: (i) 1,200,000 Preferred Shares of OpCo, at a price of $25.00 per Preferred Share; and (ii) 30,000,000 Common Shares, at a price of $0.03 per Common Share.  \nHolders of the Preferred Shares will, among others terms, be entitled to receive a dividend payment equal to 100% of the free cash flow of OpCo, calculated in accordance with the rights and restrictions attaching to the Preferred Shares, on a pro-rata basis, until the Preferred Shares have realized an internal rate of return (\"IRR\") equal to 25%.  Thereafter, holders of Preferred Shares will be entitled to a dividend paym...