VANCOUVER, BC / ACCESSWIRE / July 11, 2016 / (PPC.V) Patriot Petroleum Corp. ("Patriot" or the "Company") today announced that it has entered into a letter of intent (the "Letter of Intent") for the acquisition of a 100% interest (the "Proposed Transaction") in certain unpatented mining claims situated in San Bernardino County comprising what is known as the "Mojave Property".
Pursuant to the Letter of Intent with TY & Sons Exploration (Nevada), Inc. the Company may acquire the Mojave Property through the payment of gross cash consideration of $350,000 and the issuance of an aggregate of 35,000,000 common shares of the Company (the "Consideration Shares").
In connection with the Proposed Transaction, and as condition for the completion thereof, the Company intends to carry out a concurrent private placement financing for gross proceeds of $500,000 at a price of $0.05 per share (the "Concurrent Financing").
At this time, the Company is in the process of carrying out its due diligence review and negotiating a definitive agreement (the "Transaction Agreement") which will include terms and conditions customary for transactions of this nature including a condition for receipt of TSX Venture Exchange ("TSX-V") approval of the Proposed Transaction and completion of the Concurrent Financing.
The Company has previously received notification from the TSX-V that it has not maintained the applicable Tier 2 continued listing requirements ("Tier 2 CLR") and that it has been placed on notice for a transfer to the NEX Board of TSX-V with a deadline of July 11, 2016 (the "NEX Transfer"). The Company has made application for an extension to the NEX Transfer (the "Extension Application") to allow time for the completion of the Proposed Transaction. The Company expects to meet Tier 2 CLR following closing of the Proposed Transaction but can provide no assurance that the TSX-V will approve the Extension Application.
The Company will provide further details in respect of the Proposed Transaction, in due course, by way of news releases.
On behalf of the board of
PATRIOT PETROLEUM CORP.
Per: "Gavin Cooper"
President and Director
For further information please contact Gavin Cooper at:
Telephone: (604) 639-9051
The TSX Venture Exchange Inc. Has Neither Approved nor Disapproved the Contents of This Press Release. 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 Press Release.
Disclaimer for Forward-Looking Information:
Certain statements in this news release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. In this release such statements included but are not limited to the Proposed Transaction including the timing therefor and effect thereof on the Company's ability to meet Tier 2 CLR, and the Extension Application. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect.
Patriot Petroleum Corp.
918 - 1030 West Georgia Street
Vancouver, BC V6E 2Y3
SOURCE: Patriot Petroleum Corp.