|By Marketwired .||
|December 31, 2012 06:30 AM EST||
CALGARY, ALBERTA -- (Marketwire) -- 12/31/12 -- QUATTRO Explorations and Production Ltd. (the "Company") (TSX VENTURE:QXP) is pleased to announce the closing of a Convertible Debenture and a Private Placement on both a Flow- through and non-flow through basis for total gross proceeds of $1,250,250. There were 1,000 convertible debentures issued each having a value of $1,000 each, paying an annual rate of 8% for 2 years with a conversion price of $0.15 into one common and one common share purchase warrant being issued valued at $ 0.30 per share. The Company has also issued shares in a Private Placement totaling an aggregate of 1,668,334 Units. Each Unit consists of one common share ("Common Share") at the price of $0.15 per share and one half share purchase warrant ("Warrant") of the Corporation. Each full Warrant will entitle the holder to acquire one additional Common at a price of $0.30 per share until December 28, 2013. The Company upon the closing of this financing will have 31,328,122 shares issued and outstanding.
The securities issued pursuant to the Offering are subject to a four (4) month hold period. Completion of the Offering is subject to the final approval of the TSX Venture Exchange.
Proceeds of the financing will be used to advance the business of the Company.
About Quattro Exploration and Production Ltd.
Quattro Exploration and Production Ltd. ("QXP") is focused on the conventional exploration and development of oil and natural gas reserves in Western Canada, primarily in south central Saskatchewan and Central Alberta as a complement to the aggressive pursuit of a series of high impact exploration efforts in Central and South America. The company will continually evaluate its assets to balance its portfolio of activities to insure its shareholders that it achieves material long term growth in both reserves and production.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward- looking statements. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.
Trading in the securities of Quattro Exploration & Production Ltd. should be considered highly speculative. 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 release.
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