Tuscany Announces Closing of $1.0 Million Flow-Through Financing
December 11, 2014 (Source: Marketwired) — NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
Tuscany Energy Ltd. (“Tuscany” or the “Company”) (TSX VENTURE:TUS) announces that it has issued 2.28 million common shares of the Company on a “flow-through” basis pursuant to the Income Tax Act (Canada) (the “Flow-Through Shares”) at a price of $0.44 per Flow-Through Share for total consideration of $1,003,200 (the “Offering“). Tuscany will renounce to subscribers of the common shares effective on or before December 31, 2014, eligible Canadian Exploration Expense in an amount equal to the aggregate gross proceeds of the Offering. The Company paid $25,080 in finder’s fees.
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The Offering was completed on a private placement basis and the Flow-Through Shares issued pursuant to the private placement are subject to a hold period under Canadian securities laws, which expires on April 11, 2015.
The proceeds of the Offering will be used in Tuscany’s 2015 oil exploration program in Alberta and Saskatchewan.
Tuscany is a heavy oil development and production company with reserves, land holdings and production in Canada. The Company’s principal focus is the exploitation of oil resources in Saskatchewan and Alberta through horizontal drilling. The majority of Tuscany’s revenue is generated from oil sales in Saskatchewan.
ADVISORY: Certain information in this news release, including the intended use of the proceeds of the Offering to incur Canadian Exploration Expenses, that constitute forward-looking statements under applicable securities laws. Although Tuscany believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Tuscany can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Tuscany’s plans and operations are included in reports on file with the Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at Tuscany’s website (www.tuscanyenergy.com) The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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.
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