Perisson Receives Confirmation of Deposit as First Step in Its USD $50 million Financing


Perisson Petroleum Corporation

Companies Mentioned:

Primary Exchange: TSX.V
Under the Symbol: POG


Friday, December 21, 2018 12:35 PM

Not for Dissemination to United States Newswire Services or for Dissemination in the United States

CALGARY, AB / ACCESSWIRE / December 21, 2018 / Perisson Petroleum Corporation (“Perisson” or the “Company“) (TSXV: POG) is pleased to announce that it has received confirmation from Lan-cheng Limited, General Partner to Lan-cheng Westcity LP, a private investment fund (the “Fund“) that the Fund has initiated the transfer of a deposit to Perisson in the aggregate amount of USD $1,000,000.

Under the terms of the Financing previously announced on December 10, 2018, the Fund agreed to make a deposit towards the Financing on or before December 21, 2018 and has satisfied this requirement with the transfer that was initiated today. Closing of the Financing is scheduled to occur on or before January 31, 2019. The deposit funds are to be held in trust by Perisson pending closing.

Highlights of the Financing are as follows:

  • Aggregate gross proceeds of up to USD $50,000,000 (the “Financing“)
  • Approximate price of USD $0.95413 per Unit (the “Offering Price“)
  • Up to 52,403,562 units of the Company (“Units“)
  • Each Unit to consist of one common share (a “Unit Share“) of the Corporation and one non-transferrable put option (the “Put Option“)
  • Each Put Option, if exercised, obligates the Company after five years to repurchase for cancellation the Unit Shares for the amount of the purchase price plus 12.5%
  • Put Options can be cancelled by the Company if it achieves any of the following financial milestones:
    • completion of a dual listing of its common shares on the TSX Exchange and the Hong Kong Exchange; or
    • annual financial results of EBITDA (earnings before interest, taxes, depreciation and amortization) exceeding CAD $100 million; or
    • net asset value on the Company’s balance sheet in excess of CAD $1.0 billion.

Ultimately it is the capability of the Fund’s investors that will determine the success of the Financing. The Financing is not a “bought-deal” and therefore there is no guarantee that the Financing will close at the USD $50 million amount. The Unit Shares issued in connection with the Financing will be subject to a four month hold period. The Financing is subject to the approval of the TSX Venture Exchange.

Lan-Cheng is a private investment fund incorporated in the Cayman Islands and based in Shanghai, China. Over the past 2 years, Lan-cheng has funded capital projects in Asia and Europe with investment value of greater than USD$53,000,000. The chairman of Lan-cheng, Mr. Chien-Hung Yeh, also works as a Professor of Economics at Fudan University in Shanghai, China.

About Perisson Petroleum Corporation

Perisson Petroleum Corporation is listed on the TSX Venture Exchange and trades under the symbol “POG”. The Corporation has ownership in certain oil and gas producing properties in the Twining area of Alberta, Canada. The Company also holds a 100% working interest in the VMM-17 block, a license located in the prolific, stable, oil-producing region of the Middle Magdalena Basin in central Colombia.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Wayne Rousch, President
Direct Line: (403) 827-8597
[email protected]

Completion of the transaction described above is subject to a number of conditions, including but not limited to, TSXV acceptance. There can be no assurance that the transaction will be completed as proposed or at all.

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements relating to the timing and completion of the future operations of Perisson and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the proposed Acquisition and the future plans and objectives of Perisson, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Perisson’s expectations are risks detailed from time to time in the filings made by Vela with securities regulations.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Trading in the securities of Perisson Petroleum Corporation should be considered highly speculative. 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.

SOURCE: Perisson Petroleum Corporation


SHARE ARTICLE

www.accesswire.com/viewarticle.aspx?id=531246

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these <abbr title="HyperText Markup Language">HTML</abbr> tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>




Done Reading? You might also find these links useful:
Stock Market News | Stocks Catalyst Calendar | Social Activity Stream | Stock Forums | Social Stock Groups