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STANDARD EXPLORATION LTD. ANNOUNCES CLOSING OF RECAPITALIZATION FINANCING, APPOINTMENT OF NEW MANAGEMENT TEAM AND BOARD OF DIRECTORS AND COMPLETION OF GULF COAST STATES STRATEGIC ACQUISITION
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. ANY F...
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[{"type":"text","content":"STANDARD EXPLORATION LTD. ANNOUNCES CLOSING OF RECAPITALIZATION FINANCING, APPOINTMENT OF NEW MANAGEMENT TEAM AND BOARD OF DIRECTORS AND COMPLETION OF GULF COAST STATES STRATEGIC ACQUISITIONNOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWCALGARY, AB / ACCESSWIRE / December 20, 2018 / Standard Exploration Ltd. (\"Standard\" or the \"Corporation\") (SDE: TSXV) is pleased to announce that it has: (i) closed the previously announced non-brokered private placement of common shares (\"Common Shares\") and units (\"Units\") of the Corporation, for aggregate gross proceeds of $18,011,000 (the \"Private Placement\"); (ii) completed the appointment of a new management team (the \"New Management Team\") and board of directors (the \"New Board\"); and (iii) closed the acquisition by the Corporation of all of the limited partnership units of Gulf Pine Energy Partners, LP (\"Gulf Pine\").Private PlacementPursuant to the Private Placement, Standard issued an aggregate of 254,600,000 Units and 645,950,000 Common Shares for aggregate gross proceeds of $18,011,000. Each Unit is comprised of one Common Share and one performance-based Common Share purchase warrant (each, a \"Performance Warrant\"). Each Performance Warrant entitles the holder to purchase one Common Share at a price of $0.02 for a period of five years. The Performance Warrants vest and become exercisable as to one-third upon the 20-day volume weighted average trading price of the Common Shares (the \"Market Price\") equaling or exceeding $0.03, an additional one-third upon the Market Price equaling or exceeding $0.04 and a final one-third upon the Market Price equaling or exceeding $0.05. In addition, in the event the Market Price equals or exceeds $0.08, each Performance Warrant shall be exercisable for 1.5 Common Shares, provided that, at the time of exercise in respect of the additional 0.5 of a Common Share per Performance Warrant (the \"Performance Incentive\"), the Common Shares are listed on the facilities of a recognized stock exchange (other than the TSX Venture Exchange (\"TSXV\")), the Common Shares are acquired for cash or for the securities of a company listed on a recognized stock exchange (other than the TSXV).Pursuant to applicable secur...