Umbrall Closes 1st Tranche of Up to 10,000,000 Unit Private Placementadmin
Vancouver, B.C., December 24th, 2013 – UMBRAL ENERGY CORP. (TSX-V: UMB) (the "Company" or "Umbral") that further to the news of November 5th, 2013 announcing a non-brokered private placement consisting of up to 10,000,000 units (the "Units") at a purchase price of $0.05 per Unit to raise gross proceeds of up to $500,000 (the "Private Placement"). Each unit will consist of one common share in the capital of the Company and one share purchase warrant (a "Warrant"). Each full warrant will entitle the holder to purchase one additional common share in the capital of the Company for a period of five years, at a purchase price of $0.06 per Share.
The Company has completed the first tranche of this Private Placement (the "First Tranche"). The Company has issued a total of 4,925,000 Units at $0.05 per unit for gross proceeds of $246,250. The Warrants in the First Tranche as issued to subscribers expire on December 20, 2018.
Finders’ fees totalling $14,375 will be paid, and the Company will issue a total of 287,500 finders’ warrants on a portion of the funds raised to eligible finders in the First Tranche, on the same terms as that of the Warrants issued to subscribers to the First Tranche.
All shares issued pursuant to the 1st Tranche, together with any shares issuable on the exercise of the warrants have a hold period expiring on April 21, 2014.
The First Tranche is part of a larger private placement currently being offered by UMBRAL for gross proceeds of up to a total of $500,000.
The proceeds of the Private Placement will be used for general working capital.
About Umbral Energy Corp.
Umbral Energy Corp. is a resource company focused on the exploration of the Letourneur Property in the Abitibi region of southwestern Quebec and strategic alliances in resource plays and conventional oil production assets, in Canada, to increase shareholder value with focus on growth in production and cash flow. Management continues to review other opportunities in the resource sector.
The Company has a 25% interest in the Little Bow Prospect, located in Southern Alberta, Aroway Energy Corp. is the operator and has a significant track record of success.
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
President and CEO
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.
Posted: December 24th, 2013 under ACCESSWIRE.