Divestco Announces Private Placement Closing
04 Mai 2018 - 12:58AM
Divestco Inc. ("
Divestco" or the
"
Company") (TSX-V:DVT) is pleased to announce that
further to its news release dated March 6, 2018, Divestco has
successfully closed the first tranche of its non-brokered private
placement (the "
Private Placement") and issued
4,025,000 Class A shares of Divestco (the
"
Shares") at a price of $0.10 per Share for gross
proceeds of $402,500. Divestco intends to complete additional
closings in respect of the Private Placement in the coming few
weeks.
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 Private Placement is subject to the final
approval of the TSX Venture Exchange.
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 and trades on the TSX Venture Exchange under the symbol
"DVT". Additional information on Divestco is available on its
website at www.divestco.com and on SEDAR at www.sedar.com.
For more information please contact:
Divestco Inc. (www.divestco.com)
Mr. Stephen
Popadynetz |
Mr. Danny
Chiarastella |
CEO and President |
Chief Financial
Officer |
Tel 587-952-8152 |
Tel 587-952-8027 |
spopadynetz@divestco.com |
dchiarastella@divestco.com |
Neither the 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.
Forward-Looking Information and
Statements
In particular, this press release contains
forward-looking information and statements pertaining to the
following: the Company's intention to complete additional closings
in respect of the Private Placement; and the use of the proceeds
from the Private Placement. This forward-looking information and
the related statements are based upon factors, expectations and
assumptions reflected in the forward-looking statements that are
reasonable at this time but no assurance can be given that these
factors, expectations and assumptions will prove to be correct.
The forward-looking information and statements
contained in this press release are based upon several material
factors and expectations and assumptions of Divestco including,
without limitation: the availability of potential subscribers for
the Shares on a timely basis; 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; Divestco's
status as a going concern; that Divestco will continue to conduct
its operations in a manner consistent with past operations; future
interests rates; future availability of debt and/or equity sources
to fund Divestco's capital and operating requirements as needed on
terms acceptable to management of Divestco or at all; 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 the ability of the Company to complete a sale
of non-strategic assets, including but not limited to finding
appropriate potential purchasers who are willing to purchase such
assets at market prices.
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. To the
extent the final approval of the TSX Venture Exchange is not
obtained, Divestco will not be able to proceed with the Private
Placement.
The forward-looking information and statements
contained in this press release speak only as of the date of this
press release, and Divestco does not assume any obligation to
publicly update or revise them to reflect new events or
circumstances, except as may be required pursuant to applicable
laws.
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