The securities issuable in the private placement will have a hold period of four months from the closing.
Crest Petroleum Corp
Suite 610-815 West Hastings Street, Vancouver, BC, V6C 1B4
FINANCING
May 2, 2016– Vancouver, B.C. – Crest Petroleum Corp. (TSXV:CTP.H) (“Crest” or the “Company”) announces that Further to the Company’s news release of March 22, 2016, the Company confirms that it will be proceeding with its non-brokered private placement of up to 3,350,000 shares at a price of $0.10 per share to raise gross proceeds of up to $335,000. The Company expects to close the placement within the next 45 days.
The securities issuable in the private placement will have a hold period of four months from the closing.
The gross proceeds of up to $335,000 are intended to be used for working capital and to fund future property acquisitions. The company may also pay to certain finders a cash fee equal to 7 per cent of the gross proceeds raised from the sale of shares to purchasers introduced to the company by the finder.
The private placement is subject to acceptance for filing by the NEX Board of the TSX Venture Exchange.
Neither the TSXV 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 news release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, included herein including, without limitation, statements about our proposed financing are forward looking statements. By their nature, forwardlooking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Risk factors affecting the Company include, among others: global financial conditions and volatility of capital markets, uncertainty regarding the availability of additional capital, fluctuations in commodity prices; and the additional risks identified in our filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
On behalf of the Board of Directors of Crest Petroleum Corp.
“Richard Silas”
Richard Silas, President and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Richard Silas President Tel: 778-588-7139 Email: [email protected]