CALGARY, Alberta, April 11, 2023 (GLOBE NEWSWIRE) — Blacksteel Energy Inc . (“Blacksteel” or the “Corporation“) is pleased to announce that it has completed an additional closing (“Closure”) of its private placement financing (the “Offer”) with total gross proceeds of $653,925.
Further closing of financing
Blacksteel has completed an additional closing of its Offering for gross proceeds of $653,925. Pursuant to the closing, Blacksteel issued 1,399,937 common shares (“Common shares”) at a price of USD 0.08 per An arm’s length finder received a cash commission of $52,594.99 and 572,110 finder orders. The finder’s warrants entitle the holder to acquire one Common Share at an exercise price of $0.08 on or before March 30, 2024.
After the close, Blacksteel has 97,357,789 Issued and outstanding Common Shares.
Consolidation and integration of Drakkar Energy
Blacksteel has been working on the integration of Drakkar Energy Ltd. (“Drakkar Energy”) and has met with key stakeholders to ensure a smooth transition. Former security holders of Drakkar Energy have received Common Shares in accordance with the appropriate share exchange ratio during the takeover. Holders of Drakkar Energy securities may direct any questions regarding their Common Shares to Odyssey Trust Company (Blacksteel’s transfer agent) or to the investment dealer holding their shares.
Reporting of 3rd quarter accounts
As an unlisted public reporting issuer, Blacksteel confirms that it has filed its third quarter interim financial statements for the period ending January 31, 2023 on SEDAR. Subsequent events after January 31, 2023 include the closing of the Drakkar Energy acquisition and the further closing under the Offering.
Duncan Nightingale, Blacksteel’s Managing Director, commented, “Now that Blacksteel has completed the integration process with Drakkar Energy, resulting in Blacksteel having 100% ownership of the property and full operational control, Blacksteel looks forward to moving forward with the development of this property with significantly high resource potential. Following the completion of significant facility upgrades to the Girouxville property to handle additional production volumes, the property has now been brought back into production. Blacksteel will provide further guidance and a more detailed operational update in the near future. Furthermore, the company is currently on all applications and well positioned to make a decision to list its Common Shares on a stock exchange at the appropriate time”.
Blacksteel Energy Inc.
Blacksteel is a junior oil and gas company engaged in the exploration, development and production of oil and natural gas resources.
President and CEO
EVP and CFO
Forward-looking information Cautionary statement: This document contains forward-looking statements regarding Blacksteel’s business and operations. All statements, other than statements of historical fact, contained herein are forward-looking statements under applicable securities laws. In particular, statements about the company’s expected transactions are forward-looking statements. These forward-looking statements are based on various assumptions. Forward-looking statements are often characterized by words such as “plan”, “expect”, “project”, “seek”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and the like words or statements that certain events or conditions “may” or “will” occur, and include, without limitation, statements regarding: the development of the Girouxville property; future development plans; and listing on a Canadian stock exchange. The Company’s actual results, performance or performance may differ materially from those expressed in or implied by these forward-looking statements, and accordingly no assurances can be given that any of the plans, intentions or expectations anticipated by the forward-looking statements. will happen or occur, or if any of them do, what benefit the company will derive therefrom. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks associated with failure to obtain sufficient financing in a timely manner and on acceptable terms; risks related to the outcome of litigation; political and regulatory risks associated with oil and gas exploration; risks associated with listing and maintaining listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties associated with the interpretation of drilling results; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; the possibility that future exploration and development results will not be consistent with the Company’s expectations; risks related to fluctuations in commodity prices; and other risks and uncertainties related to the company’s future prospects, characteristics and business described elsewhere in the company’s disclosure record. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. In addition, the forward-looking statements contained in this news release are made as of the date of this press release, and the Company undertakes no obligation to update publicly or to revise any of the forward-looking statements included, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Not for distribution to the US Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of US securities laws.