Crest Petroleum Corp. announces closing of Initial Public Offering
CREST PETROLEUM CORP. NEWS RELEASE 6028 Glenwynd Place TSX Venture Exchange West Vancouver, BC V7W 2W5 Trading Symbol: CTP.P
Crest Petroleum Corp. announces closing of Initial Public Offering
June 26, 2012 – Vancouver, British Columbia – Crest Petroleum Corp. (the “Company” or “Crest”) is pleased to report that it has successfully completed its initial public offering (the “IPO”) of 2,000,000 common shares at $0.10 per share for gross proceeds of $200,000 pursuant to a prospectus dated May 8, 2012. Haywood Securities Inc. (“Haywood”) acted as agent for the offering. Haywood received a cash commission of 8% of the gross proceeds of the offering and the Company granted agent’s warrants to Haywood to purchase up to an aggregate of 160,000 common shares at a price of $0.10 per share exercisable for a period of 24 months from the date the Company’s common shares are listed on the TSX Venture Exchange (the “Exchange”).
Concurrently with closing the IPO, the Company issued stock options to its directors and officers to acquire an aggregate of 500,000 common shares of the Company. The stock options are exercisable at a price of $0.10 for a period of five years from the date of grant.
The Company has filed final materials with the Exchange and its common shares will commence trading effective at market open on June 28, 2012 under the symbol CTP.P.
ABOUT CREST
Crest is a capital pool company (“CPC”) within the meaning of the policies of the Exchange. The Company has not commenced operations and has no assets other than cash. The Company proposes to identify and evaluate businesses and assets with a view to completing a “Qualifying Transaction” under the Exchange’s CPC policies. The funds raised under the initial public offering will be used to pursue the Company’s Qualifying Transaction.
For further information, please contact Adam Cegielski, President and Chief Executive Officer at:
6028 Glenwynd Place West Vancouver, BC V7W 2W5
Telephone: (604) 306-0068 Facsimile: (604) 913-2433
“Neither 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.”
Statements in this press release regarding Crest’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.