Kroes Energy Secures Financing for Exploration Program
The Offering will consist of a minimum of $500,000 and a maximum of $2,000,000 in units of Kroes ("Units") at a price of $0.80 per Unit. Each Unit consists of one (1) common share ("Common Share") of the Corporation, one (1) flow-through common share ("Flow-Through Share") of the Corporation, and one half of one (1/2) non-transferable Common Share purchase warrant of the Corporation ("Warrant"). Each whole Warrant entitles the holder thereof to purchase one additional Common Share of the Corporation at a price of $0.50 for a period of 18 months from the initial closing of the Offering. The allocation of the price of the securities comprising each Unit is $0.36 for each Common Share, $0.44 for each Flow-Through Share and nil for each 1/2 Warrant.
The Warrants are subject to an acceleration clause whereby at any point after 90 days from the closing of this Offering, if the Corporation's Common Share price exceeds $0.75 for a period of 10 consecutive trading days, the Corporation may elect to issue a news release causing the Warrants to be exercised within 30 days of the date of the press release, provided that the Common Share price remains at $0.75 or more through the notice period, and failing exercise within the 30 day notice period the Warrants will automatically expire. At the closing of the Offering (the "Closing"), the securities comprising the Units will automatically separate.
The proceeds of this financing will be used to fund the Corporation's share of exploration and development expenses pursuant to a joint venture agreement the Corporation has entered into with a private Alberta company.
Octagon will receive a cash commission equal to 9% of the gross proceeds received by the Issuer from sales pursuant to the Offering. The Agent will also receive non-transferable compensation options to purchase 34,722 Agent's Units during the period expiring 18 months from the Closing, plus options to purchase that number of Agent's Units equal to 10% of the number of Units sold pursuant to the Offering, all at the price of $0.72 per Agent's Unit. Each Agent's Unit is composed of two (2) Common Shares and one half of one (1/2) Warrant. In addition, the Corporation has agreed to pay the Agent a corporate finance fee of $15,000, which will be paid at the Closing.
The filing of the Short Form Offering Document with the TSX Venture Exchange will occur concurrently with the issuance of this press release.
Kroes Energy is a junior oil and gas producer and explorer participating in the Lelyaki Oilfield redevelopment project in Ukraine, one of Eastern Europe's fastest growing economies. Kroes has a strong management team with extensive international experience. Shares trade on the TSX Venture Exchange under the symbol KRS.
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- Venezuela Authorities Arrest Two Senior Energy Officials
- CNOOC Bags Contract for 4.6 MMcf of LNG for Philippines
- EU Gas Storage Nearly 60 Percent Full at End of Heating Season
- EIA Raises WTI Oil Price Forecasts
- ExxonMobil Makes FID on 6th Project in Contested Guyana Asset
- Is The Iran Nuclear Deal Revival Project Dead?
- ORE Catapult Looks for New CEO as Jamieson Steps Down
- Japan's Mizuho Invests $3.64MM in Bison's CCS Project in Alberta
- Equinor Advances First Battery Storage Projects in USA
- Macquarie Strategists Warn of Large Oil Price Correction
- JPMorgan CEO Says LNG Projects Delayed Mainly for Political Reasons
- USA, Venezuela Secretly Meet in Mexico as Oil Sanctions Deadline Nears
- EIA Ups Brent Oil Price Forecast for 2024 and 2025
- Petrobras Discovers Oil in Potiguar Basin
- EIR Says Oil Demand Will Not Peak Before 2030
- Biden Plans Sweeping Effort to Block Arctic Oil Drilling
- Pantheon Upgrades Kodiak Estimates to 1.2 Billion Barrels
- Dryad Flags Red Sea 'Electronic Warfare' Alert
- Russian Oil Is Once Again Trading Far Above the G-7 Price Cap Everywhere
- Oil and Gas Executives Predict WTI Oil Price
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Another Major Oilfield Discovery
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024