SASKATOON, SASKATCHEWAN--(Marketwired - Jul 21, 2017) - Westcore Energy Ltd. ("Westcore" or the "Company") (TSX VENTURE:WTR) is pleased to announce that it has completed a non-brokered private placement (the "Private Placement") for aggregate gross proceeds of $499,950.00. An aggregate of 3,333,000 units have been issued, each at a subscription price of $0.15 per unit, with each unit consisting of one common share of the Company and one common share purchase warrant. Each whole warrant entitles the holder thereof to acquire one common share at a price of $0.25 per common share for a period of 24 months from the date of issuance. One insider of the Company participated in the Private Placement and acquired 175,000 common shares under the Private Placement. With the participation of an Insider, the financing constitutes a related party transaction under Multilateral Instrument 61-101 - "Protection of Minority Security Holders in Special Transactions". Exemptions are available from the minority shareholder approval and valuation requirements set forth in the foregoing Multilateral Instrument.
The proceeds from the Private Placement will be used to continue advancing the Company's oil and gas assets. All of the common shares and warrants issued in connection with this financing are subject to a statutory four-month hold period in accordance with applicable securities laws, which will expire on November 21, 2017.
Additionally, Westcore announces that Mr. George Jones has resigned from the board of directors for personal reasons. The Company wishes to thank Mr. Jones for his years of service.
We seek Safe Harbor.
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