Trinity Valley Energy Corp. Receives Shareholder Approval of Creation of a Control Person and Closes Non-Brokered Private Placement
551 Howe St.-Suite 200 Vancouver, B.C. V6C 2C2 Tel : 888 909-5548 Fax : 888 909-1033
TSX Venture SYMBOL: TE (www.trinityvalleyenergy.com)
TRINITY VALLEY ENERGY CORP. RECEIVES SHAREHOLDER APPROVAL OF CREATION OF A CONTROL PERSON AND CLOSES NON-BROKERED PRIVATE PLACEMENT
July 17, 2015, Trinity Valley Energy Corp. (TSX Venture-TE) (the “Company”) announces that it received disinterested shareholder approval for the creation of the Control Person (as that term is defined in TSX Venture Exchange (the “Exchange”) Policy) at its annual general and special meeting (“AGSM”) held on July 16, 2015. All other resolutions tabled at the Company’s AGSM were also approved by the shareholders.
Trinity also announces it has closed its previously announced private placement (see news release June 3, 2015) (the “Private Placement”) with Texas General Oil & Gas, LP (“Texas Oil”).
In connection with the closing of the Private Placement, the Company has issued into escrow 34,765,160 common shares (the “Common Shares”) of the Company at a price of CDN$0.043 per share for gross proceeds of US$1,250,000 and 100 preferred shares (the “Preferred Shares”) of the Company with no par value at a price of $10,000 per preferred share for gross proceeds of US$1,000,000.
The Common Shares and Preferred Shares are subject to a four-month hold period from the date of issuance. The Preferred Shares will not be non-tradable and will not be listed on the Exchange.
All of the Common Shares, Preferred Shares and US$2,250,000 (the “Investment Amount”) will be held in escrow by Brooks Law, LLP as escrow agent (the “Escrow Agent”) and released in accordance with the Company’s and Texas Oil’s joint instructions on the completion of certain conditions precedent set out in the escrow agreement (the “Escrow Agreement”) among the Company, Texas Oil and the Escrow Agent. Texas Oil and the Company are diligently working toward meeting the conditions precedent.
Any Investment Amount released from escrow, will be used by the Company for ongoing Farm-in expenditures on the Days Chapel Project and to increase the Company’s working interest in the Days Chapel EOR Project (as defined in the Farm-in and Joint Operating Agreement between the Company and Anderson County Land Company), located in Anderson County, East Texas (in which the Company has a 33.33% working interest) and for general working capital.
The Company’s newly elected board of directors and management team consists of Mr. Jeffrey Cocks, Chairman, CEO, and Director, Mr. Michael Dake, President and Director, Chris Hobbs, CA, Chief Financial Officer and Corporate Secretary, Mr. Eugene Gauthier, P.Eng, Director, Doug Strebel, Director and Jerry Minni, CA, Director.
ON BEHALF OF THE BOARD
“Michael Dake”
Michael Dake
President
FOR FURTHER INFORMATION PLEASE CONTACT: Trinity Valley Energy Corp.
(TEL)- (888) 909-5548, (FAX)-(888) 909-1033 Email: [email protected]: www.trinityvalleyenergy.com
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.