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.