Seaside Executes Definitive Agreement With Delphx Corporation; Financing Update

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[{"type":"text","content":"Seaside Executes Definitive Agreement With Delphx Corporation; Financing Update(via TheNewswire)\n\n \nVancouver, BC / TheNewswire / December 13, 2017 - Seaside Exploration Partners Corp. (\"Seaside\" or the \"Company\") announces that further to its press release dated November 2, 2017 regarding the signing of a binding letter agreement to acquire DelphX Corporation (\"DelphX\"), the Company, DelphX and the shareholders of DelphX have now executed a definitive share exchange agreement dated December 12, 2017 (the \"Transaction\"). \n\n\n \nThe Company and DelphX are also pleased to announce that DelphX has completed a non-brokered private placement of 2,857,571 DelphX common shares (\"DelphX Shares\") at a price of $0.35 per DelphX Share generating gross proceeds of $1,000,149.85 (the \"Non-Brokered Financing\"). DelphX intends to the use the proceeds of the Non-Brokered Financing to fund the Transaction and for working capital and general corporate purposes.\n\n\n \nAs previously announced, pursuant to the Transaction, the Company will issue common shares in the capital of Seaside (\"Seaside Shares\") to the holders of DelphX Shares on the basis of one Seaside Share for each DelphX Share. The Transaction is an arm's length transaction. There are currently 59,771,820 DelphX Shares outstanding following the completion by DelphX of the Non-Brokered Financing.\n\n\n \nThe Transaction remains subject to a number of terms and conditions, including, but not limited to, the completion of the Brokered Financing, as further defined below, and the approval of the TSX Venture Exchange (the \"TSX-V\") and other applicable regulatory authorities. \n\n\n \nAs noted above, it is a condition of the Transaction that DelphX complete a private placement of up to 10,000,000 subscription receipts of DelphX (the \"Subscription Receipts\") at a price of $0.35 per Subscription Receipt (for aggregate gross proceeds to DelphX of up to $3,500,000 (the \"Brokered Financing\"). DelphX entered into an engagement letter with Beacon Securities Limited, on its own behalf and on behalf of Haywood Securities Inc. (collectively, the \"Agents\"), to carry out the Brokered Financing on a best efforts basis. DelphX intends to use the net proceeds of the Brokered Financing to fund the Transaction, to develop its business and for working capital and general corporate ...

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