Divestco Announces Private Placement
07 März 2018 - 1:15AM
(TSX-V:DVT) – Divestco Inc. ("Divestco" or the "Company") is
pleased to announce that it intends to complete a private placement
of up to a maximum of 20,000,000 Class A common shares of Divestco
(the "Shares") at a price of $0.10 per Share for gross proceeds of
up to a maximum of $2,000,000 (the "Private Placement"). Directors,
officers and other insiders of Divestco may acquire some or all of
the Shares.
The funds advanced to Divestco will be used for
expansion of existing business lines, development of new business
lines, capital expenditures and transaction expenses. In connection
with the Private Placement, no finders, brokers or other agents are
entitled to receive either Shares or cash consideration.
The completion of the proposed Private Placement
is subject to the approval of the TSX Venture Exchange. There is no
assurance that this proposed placement will be completed in full or
in part.
On March 6, 2018, the closing price for
Divestco's Shares on the TSX Venture Exchange was $0.095.
About the Company
Divestco is an exploration services company that
provides a comprehensive and integrated portfolio of data,
software, and services to the oil and gas industry. Through
continued commitment to align and bundle products and services to
generate value for customers, Divestco is creating an unparalleled
set of integrated solutions and unique benefits for the
marketplace. Divestco’s breadth of data, software and services
offers customers the ability to access and analyze the information
required to make business decisions and to optimize their success
in the upstream oil and gas industry. Divestco is headquartered in
Calgary, Alberta, Canada and trades on the TSX Venture Exchange
under the symbol "DVT".
Additional information on the Company is
available on its website at Divestco.com and on SEDAR at
sedar.com.
For more information please contact:
Divestco
Inc.(www.divestco.com)
Mr. Stephen
Popadynetz |
|
Mr. Danny
Chiarastella |
CEO and
President |
|
CFO |
Tel 587-952-8152 |
|
Tel 587-952-8027 |
Neither 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 news release.
This document contains certain forward-looking
information and statements within the meaning of applicable
securities laws. Statements that contain words such as "could",
"should", "can", "anticipate", "expect", "believe", "will", "may"
and similar expressions and statements relating to matters that are
not historical facts constitute "forward-looking information"
within the meaning applicable under Canadian securities
legislation. In particular, this press release contains
forward-looking statements pertaining to the following: the
Company's intent to conduct a private placement of Shares; certain
directors and officers of the Company purchasing such Shares; and
the use of the proceeds from the Private Placement. Although
management of the Company believes that the expectations reflected
in such forward-looking information are reasonable, there can be no
assurance that such expectations will prove to have been correct
because, should one or more of the risks materialize, or should the
assumptions underlying forward-looking statements or
forward-looking information prove incorrect, actual results may
vary materially from those described in this press release as
intended, planned, anticipated, believed, estimated or expected.
Readers should not place undue reliance on forward-looking
statements or forward-looking information. All of the
forward-looking statements and forward-looking information of the
Company contained in this press release are expressly qualified, in
their entirety, by this cautionary statement. The forward-looking
information and statements contained in this document speak only as
of the date of this document and the Company does not assume any
obligation to update these forward-looking statements or
forward-looking information if conditions or opinions should
change, except where required by law.
These forward-looking statements are based upon
assumptions including: the availability of potential subscribers
for the Shares; future prices for crude oil and natural gas; future
interest rates and future availability of debt and equity financing
will be at levels and costs that allow the Company to manage,
operate and finance its business and develop its software products
and various oil and gas datasets including its seismic data
library, and meet its future obligations; the regulatory framework
in respect of royalties, taxes and environmental matters applicable
to the Company and its customers will not become so onerous on both
the Company and its customers as to preclude the Company and its
customers from viably managing, operating and financing its
business and the development of its software and data; and that the
Company will continue to be able to identify, attract and employ
qualified staff and obtain the outside expertise as well as
specialized and other equipment it requires to manage, operate and
finance its business and develop its properties.
The forward-looking information and statements
included in this news release are not guarantees of future
performance and should not be unduly relied upon. These
forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the Company’s control,
including: general economic, market and business conditions;
fluctuations in the market price of the Shares; volatility in
market prices for crude oil and natural gas; ability of Divestco’s
clients to explore for, develop and produce oil and gas;
availability of financing and capital; fluctuations in interest
rates; demand for the Company’s product and services; weather and
climate conditions; competitive actions by other companies;
availability of skilled labour; failure to obtain regulatory
approvals in a timely manner; adverse conditions in the debt and
equity markets; government actions including changes in environment
and other regulation; and further, there may be circumstances
where, for unforeseen reasons, a reallocation of funds may be
necessary as may be determined at the discretion of the Company and
there can be no assurance as at the date of this disclosure as to
how those funds may be reallocated; should any one of a number of
issues arise, Divestco may find it necessary to alter its current
business strategy and/or capital expenditure program.
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