Huntington Announces Proposed Private Placement of Units
18 Juli 2019 - 4:15PM
Huntington Exploration Inc. (“
HEI" or the
“
Company”) (TSX VENTURE: HEI) announced today that
it intends to complete a non-brokered private placement offering of
units (“Units”) at a price of $0.05 per Unit, for gross proceeds of
up to $500,000 (the “Private Placement”). Each Unit will consist
of one common share and one transferable common share purchase
warrant, with each warrant entitling the holder thereof to
purchase one additional common share at a price of $0.05 per share
for a period of two years from closing.
The closing of the Private Placement is expected
to occur on or about July 31, 2019 and is subject to regulatory
approval, including approval of the TSX Venture Exchange. For
further details on the Private Placement, please contact the
Company. All securities issued in connection with the Private
Placement will be subject to a hold period of four months from the
date of closing. The Company intends to use the proceeds from the
Private Placement for general and administrative expenses, to
replenish working capital, to evaluate strategic alternatives and
for general corporate purposes.
HEI is an exploration-focused corporation
actively pursuing opportunities in the oil and natural gas business
in the Western Canada sedimentary basin.
On behalf of the Board of Directors:
Bob VerhelstPresident and CEO
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 release.
Forward Looking Statements
This press release contains certain statements
which constitute forward-looking statements or information
(“forward-looking statements”), including statements regarding
HEI’s business and the proposed Private Placement. Such
forward-looking statements are subject to numerous risks and
uncertainties, some of which are beyond HEI's control, including
the impact of general economic conditions, industry conditions,
volatility of commodity prices, currency fluctuations, imprecision
of reserve estimates, environmental risks, operational risks in
exploration and development, competition from other industry
participants, the lack of availability of qualified personnel or
management, stock market volatility and the ability to access
sufficient capital from internal and external sources. Although HEI
believes that the expectations in its forward-looking statements
are reasonable, they are based on factors and assumptions
concerning future events which may prove to be inaccurate. Those
factors and assumptions are based upon currently available
information. Such statements are subject to known and unknown
risks, uncertainties and other factors that could influence actual
results or events and cause actual results or events to differ
materially from those stated, anticipated or implied in the
forward looking information. As such, readers are cautioned not to
place undue reliance on the forward looking information, as no
assurance can be provided as to future results, levels of activity
or achievements. The forward-looking statements contained in this
document are made as of the date of this document and, except as
required by applicable law, HEI does not undertake any obligation
to publicly update or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise. The forward-looking statements contained in this
document are expressly qualified by this cautionary statement.
Huntington Exploration Inc.Bob VerhelstT.
587-351-3538www.huntingtonexploration.ca
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