|By Marketwired .||
|September 2, 2014 02:42 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/02/14 -- Opal Energy Corp. (the "Company") (TSX VENTURE:OPA.H) announces that it is completing a private placement (the "Offering") of 6,600,000 units ("Units") at a price of $0.06 per Unit. Each Unit will consist of one common share (a "Share") and one share purchase warrant (a "Warrant"). Each Warrant will be exercisable into one additional Share at a price of $0.12 for a period of 12 months from closing. All Shares and Warrants issued under the Offering will be subject to a four month hold period which will run from the date of issuance. The Offering is subject to NEX and shareholder approval. Proceeds of the Offering will be used to reduce corporate debt and to finance the Company's ongoing review of prospective projects in the resource sector.
The Company also announces that is has completed its $300,000 shares for debt settlement with its primary creditor (the "Debt Settlement"). The Debt Settlement resulted in the issuance of 6,000,000 shares at a price of $0.05 per share. The Debt Settlement was assigned to multiple arm's length parties and did not result in the creation of new insiders or a new control person. The shares issued under the Debt Settlement are subject to a four month hold period which expires December 30, 2014. The Debt Settlement has received final NEX approval.
Opal Energy Corp.
Opal Energy Corp. is an independent oil and gas exploration and production company based in Vancouver, B.C.
On behalf of the Board of Directors
Opal Energy Corp.
CFO and Director
Neither the NEX or 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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