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Saturn Oil & Gas Inc. Announces Increase to Previously Announced Financings to $32.2 Million
Calgary, Alberta--(Newsfile Corp. - May 21, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) (...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Announces Increase to Previously Announced Financings to $32.2 MillionCalgary, Alberta--(Newsfile Corp. - May 21, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMK) (\"Saturn\" or the \"Company\") is pleased to announce that, further to the Company's press releases dated May 13, 2021 and May 17, 2021, Echelon Wealth Partners Inc. as lead agent in the Brokered Private Placement, has exercised its option (the \"Agent's Option\") to offer an additional 15% of the Subscription Receipts issued under the previously announced Brokered Private Placement.In addition, the Company is increasing the size of the non-brokered portion of its previously announced offering by an additional 15%. The Non-Brokered Private Placement will be upsized to gross proceeds of up to $18,400,000 through the sale of up to 153,333,333 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 increased proceeds of the private placements will be used to fund closing adjustments 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.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-risked assets and calculated execution will allow Saturn to achieve growth in reserves and production through retained earnings. Saturn's portfolio will become its key to growth and provide long-term stability to shareholders.Investor & Media Contact:Saturn Oil & GasJohn Jeffrey, MBA - Chief Executive Officer & ChairmanTel: +1 (587) 392-7902www.saturnoil.comNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Reader AdvisoryThis press release is not an offer of the securities for sale in the United States...