Wedgemount Announces Warrant Exercise and Increased Cash Balance

Rhea-AI Summary

Wedgemount Resources Corp. announced the exercise of 12,616,000 common share purchase warrants, resulting in gross proceeds of C$1,261,600. The company's cash balance increased to approximately C$1.2 million. Management plans to utilize excess working capital and cash flows to optimize current wells and purchase additional assets in central Texas.

Positive

• Exercise of warrants generated C$1,261,600 in gross proceeds.
• Cash balance increased to approximately C$1.2 million.
• Management plans to optimize current wells and purchase assets in central Texas.

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - September 27, 2023) - Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) ("Wedgemount" or the "Company"), announces that a total of 12,616,000 common share purchase warrants (the "Warrants") with an exercise price of C$0.10 were exercised prior to expiry on September 21, 2023. The exercises resulted in gross proceeds of C$1,261,600. Wedgemount's current cash balance has increased to approximately C$1.2 million.

Post the exercise of the Warrants, the company has a total of 52,187,935 common shares issued and outstanding.

Wedgemount's excess working capital combined with cash flows from operations is intended to be utilized to further grow its production base. In particular, management plans to invest capital to optimize Wedgemount's current producing wells and to purchase additional assets in the Company's core central Texas operating area.

About Wedgemount Resources Corp.

Wedgemount Resources is a junior natural resources company focused on maximizing shareholder value through the acquisition, development and exploitation of oil and gas leases in Texas, USA.

On behalf of the Board of Directors,

WEDGEMOUNT RESOURCES CORP.

Mark Vanry, President and CEO

For more information, please contact the Company at:
Telephone: (604) 343-4743
info@wedgemountresources.com
www.wedgemountresources.com

Reader Advisory

This news release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company and the Transaction. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Project, the Company, or its management, are intended to identify such forward-looking statements. Forward looking statements made in this news release include the Company's plans for a next phase of field work at the projects and anticipated results therefrom. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, availability of funds, personnel and other resources necessary to conduct exploration programs, successes of the Company's exploration programs, availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/181998