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Saturn Oil & Gas Inc. Announces Amendment to Previously Announced Financing
Calgary, Alberta--(Newsfile Corp. - May 17, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FS...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Announces Amendment to Previously Announced FinancingCalgary, Alberta--(Newsfile Corp. - May 17, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMK) (\"Saturn\" or the \"Company\") is pleased to announce that, further to the Company's press release dated May 13, 2021, the Company and Echelon Wealth Partners Inc. (the \"Agent\") have agreed to amend the previously announced best-efforts agency private placement (the \"Brokered Private Placement\"). The Brokered Private Placement will now be for gross proceeds of up to $12,000,000 through the sale of up to 100,000,000 subscription receipts (\"Subscription Receipts\") at a price of $0.12 per Subscription Receipt.The Company has agreed to grant the Agent an option (the \"Agent's Option\"), which will allow the Agent to offer such number of additional Subscription Receipts as is equal to up to 15% of the Subscription Receipts issued under the Brokered Private Placement, having the same terms as the Subscription Receipts. The Agent's Option may be exercised in whole or in part at any time up to two days prior to the closing of the Brokered Private Placement.The Company has additionally decided to increase the amount of its concurrent non-brokered private placement (the \"Non-Brokered Private Placement\" and together with the Brokered Private Placement, the \"Private Placements\") of special warrants (\"Special Warrants\") to up to $16,000,000 through the sale of up to 133,333,333 Special Warrants at a price of $0.12 per Special Warrant. The closing of the Private Placements is expected to occur in one or more tranches on or before May 31, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The proceeds of the Private Placements will be used to fund a portion of the closing proceeds payable to the vendor for the acquisition of the assets in the Oxbow area of Southeast Saskatchewan, as previously announced in the Company's press release dated May 13, 2021, and for general corporate purposes.About Saturn Oil & Gas Inc.Saturn Oil & Gas Inc. is a public energy company focused on the acquisition and development of undervalued, low-risk assets. Saturn is driven to build a strong portfolio of cash flowing assets with strategic land positions. De-...