CALGARY , April 24 , 2014 /CNW/ - The Board of Directors of Emperor Oil Ltd. (TSX.V: EM, OTC: CHVFF, Frankfurt : 8CV, Europe : ISIN: CA29159B1031, WKN: A1J3EL,) ("Emperor" or the "Company") is pleased to announced that it intends to complete a non-brokered private placement for 21,000,000 units at a price of $0.10 per unit, each unit being comprised of one share and one shares purchase warrant. Each warrant will entitle the holder to purchase an additional share at a price of $0.20 per share for a period of twenty-four months from the closing date (the "Offering"). Total proceeds of the Offering of $2.1 million will be utilized for corporate overhead, payment of current liabilities and accrued payables as well as funding ongoing diligence on various international oil and gas projects that the Company is currently investigating in North Africa and the Middle East . The Offering is fully subscribed and closing is subject to regulatory approval. All securities issued in the Offering will be subject to a hold period of four months and one day from the closing date.
Emperor Oil is an international oil and exploration and development company.
Neither TSX Venture Exchange nor its Regulations 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. Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Emperor's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
SOURCE Emperor Oil Ltd.
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