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Pulse Oil Corp. Announces Closing of $11,300,520 Equity Financing, Including Exercise of Over-Allotment Option, and Start of EOR, Reactivations and Drilling
Pulse Oil Corp. Announces Closing of $11,300,520 Equity Financing, Including Exercise of O...
About this update from Pulse Oil Corp.
[{"type":"text","content":"\n\n\n\nPulse Oil Corp. Announces Closing of $11,300,520 Equity Financing, Including Exercise of Over-Allotment Option, and Start of EOR, Reactivations and Drilling\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Nov. 20, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./\n CALGARY, Nov. 20, 2018 /CNW/ - Pulse Oil Corp.  (\"Pulse\" or the \"Company\") (TSX-V: PUL and PUL.WT) announced the closing of its previously announced (November 12, 2018) public offering (the \"Offering\") led by Mackie Research Capital Corp. and Pulse's concurrent strategic private placement (the \"Placement\") for gross proceeds of $11,300,520, including the exercise of the over-allotment option under the Offering.\nPulse will immediately begin to carry out its business plan to grow production, cashflow and reserves through an expedited investment in the Company's 100% controlled Bigoray Enhanced Oil Recovery (\"EOR\") project, Bigoray well reactivations and Pulse's 100% controlled Queenstown drilling program of which Pulse will provide detailed updates in the near future, as required. \nPursuant to the Offering, Pulse will issue 11,137,600 flow-through common shares of the Corporation (\"FT Shares\") at a price of C$0.22 per FT Share and 15,953,555 units of the Corporation at a price of C$0.21 per Unit for aggregate proceeds of C$5,800,519, inclusive of the proceeds from the over-allotment option.\nEach Unit was comprised of one common share in the capital of the Corporation (each, a \"Common Share\") and one-half of one Common Share purchase warrant (each whole warrant, a \"Warrant\"), and each FT Share was a Common Share issued on a \"flow-through\" basis within the meaning of the Income Tax Act (Canada). Each Warrant entitles the holder thereof to acquire one Common Share (each, a \"Warrant Share\") at an exercise price of C$0.30 per Warrant Share for a period of 24 months following the closing of the Offering. \nIn addition, Pulse has concurrently completed a concurrent private placem...