RENO, NV, March 18, 2014 /PRNewswire/ - FormCap Corp.
("FormCap" or "the Company") (OTCQB: FRMC) announced today
that effective immediately Thomas A.
Markham is no longer associated with the Company, its
officers, directors or acting as an independent geologist on behalf
of the Company in any capacity.
Formcap's General Oil and Gas Advisor, Nueva Oil and Gas Corporation, will provide the
necessary geological and geophysical consulting going forward.
On February 26, 2014 the Company
announced it completed an equity financing in the amount of
$672,000 with Ironridge Global IV,
Ltd. ("Ironridge"), an institutional investor specializing in
direct equity investments in oil and gas development
companies. The proceeds were applied towards completing the
acquisition of 2400 acres of prospective oil and gas leases for a
total cost of four hundred and eighty
thousand dollars ($480,000)
from Kerr and Keta. The Company owns 100% of the Leases (80%
net revenue to FormCap; 20% freehold royalty), and will be
operator. The remaining funds are held by Ironridge and will
be applied towards drilling in Q2-2014.
FormCap will have the option to purchase additional leases in
Cowley County from Kerr and Keta under an Area of Mutual Interest
("AMI"), the terms of which are set forth in the Agreement. FormCap
is required to drill one (1) well in each of the first two (2)
years of the Lease term to maintain its interest in the
Leases.
Additional information can be found at the Company
website: www.formcapcorp.com
On behalf of the Board of Directors,
FormCap Corp. (OTCQB: FRMC)
Signed: 'Graham
Douglas'
Graham Douglas, CEO
Forward-Looking Information
This press release contains certain "forward-looking
information". All statements, other than statements of
historical fact, that address activities, events or development
that the Company believes, expects or anticipates will or may occur
in the future constitute forward-looking information. This
forward-looking information reflects the current expectations or
beliefs of the company based on information currently available to
the Company. Forward-looking information is subject to a
number of significant risks and uncertainties and other factors
that may cause the actual results of the Company to differ
materially from those discussed in the forward-looking information,
and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the
expected consequences to, or effects on the Company. Factors
that could cause actual results or events to differ materially from
current expectations include, but are not limited to, the
possibility of unanticipated costs and expenses. Any
forward-looking information speaks only as of the date on which it
is made and, except as may be required by applicable securities
laws, the company disclaims any intent or obligation to update any
forward-looking information whether as a result of new information,
future events or results or otherwise. Although the Company
believes that the assumptions inherent in the forward-looking
information are reasonable, forward-looking information is not a
guarantee of future performance and accordingly undue reliance
should not be put on such information due to the inherent
uncertainty therein.
SOURCE FormCap Corp.