Shoal Point Energy Announces Closing of Private Placement

Rhea-AI Summary

Shoal Point Energy announced the closing of a non-brokered Private Placement, raising $308,844.00 through 6,176,870 units priced at $0.05 each. The units include one share and one share purchase warrant. Directors participated in the placement, with their involvement considered a related party transaction. The funds will be utilized for general working capital.

Vancouver, British Columbia--(Newsfile Corp. - April 2, 2024) - Shoal Point Energy Ltd. (CSE: SHP) today announced the closing of the Company's previously announced (February 15 2024) non-brokered Private Placement. A total of 6,176,870 units were placed for total gross proceeds of $308,844.00.

Each unit, priced at $0.05 per Unit, consisted of one share and one share purchase warrant. Each full warrant is exercisable at a strike price of $0.07 with an expiry on the third anniversary of the date of closing of the transaction. These proceeds will be used for general working capital.

A finders fee of $3,750.00 and 75,000 Finders Warrants were paid for a portion of the placement.

Two directors of the Company are subscribers for Units in the Private Placement, and as such those director's portions constitute a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Their participation in the Private Placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 because the fair market value of the subject matter of the transaction does not exceed 25% of the Company's market capitalization.

For further information, please contact:
Mr. Mark Jarvis, Chief Executive Officer
Tel - 604 681 2300

On behalf of the Board of Directors,

Shoal Point Energy Ltd.

"Mark Jarvis"

Mark Jarvis, CEO

The Canadian Securities Exchange (CSE) has neither approved nor
disapproved the contents of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/204049

FAQ

What was the total amount raised in Shoal Point Energy 's Private Placement?

Shoal Point Energy raised a total of $308,844.00 in its Private Placement.

How many units were placed in the Private Placement by Shoal Point Energy ?

A total of 6,176,870 units were placed by Shoal Point Energy in the Private Placement.

What is the price per unit in Shoal Point Energy 's Private Placement?

The price per unit in Shoal Point Energy 's Private Placement was $0.05.

What is included in each unit of Shoal Point Energy 's Private Placement?

Each unit in Shoal Point Energy 's Private Placement includes one share and one share purchase warrant.

How will the funds raised in the Private Placement be utilized by Shoal Point Energy ?

The funds raised in the Private Placement by Shoal Point Energy will be used for general working capital.