Advantagewon Oil Corp. Closes Over $1,000,000 Initial Tranche of Financing

The Corporation intends to use the net proceeds of the Offering for working capital and general corporate purposes.

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Retrieved on: 
Thursday, June 10, 2021 - 2:15pm
Organisation: 
Advantagewon Oil Corp.
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Content
Key Points: 
  • The Corporation intends to use the net proceeds of the Offering for working capital and general corporate purposes.
  • Each Unit is comprised of one common share in the capital of the Corporation (a "Common Share") and one Common Share purchase warrant (a "Warrant").
  • AOC intends to close a second tranche of the Offering on or before June 25, 2021.
  • $50,000 of the combined debt total was settled via the issuance of 100,000 Common Shares at a price of $0.50 CDN per Common Share.


Toronto, Ontario--(Newsfile Corp. - June 10, 2021) - Advantagewon Oil Corp., (CSE: AOC), (OTC Pink: ANTGF), (the "Corporation", "Advantagewon" or "AOC") is pleased to announce that it has closed the initial tranche of its previously announced non-brokered private placement financing of 3,968,333 units (the "Units") of the Corporation at a price of $0.30 per Unit (the "Offering Price") for gross proceeds of $1,190,500 (the "Offering"). The Corporation intends to use the net proceeds of the Offering for working capital and general corporate purposes.

Each Unit is comprised of one common share in the capital of the Corporation (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.75, for a period expiring on the earlier of: (1) June 9, 2023, and (2) in the event that the closing price (or closing bid price on days when there are no trades) of the Common Shares on the Canadian Securities Exchange is at least $1.50 for a minimum of 10 consecutive trading days, AOC may provide written notice to the holders of the Warrants requiring them to exercise such Warrants within 30 days following the date of issuance of such written notice.

In connection with the Offering, the Corporation paid finder's fees to Canaccord Genuity Corp. and Research Capital Corp. respectively in cash and in compensation warrants. The compensation warrants are issued on the same terms of the Warrants comprising of the Units. Canaccord Genuity Corp. received $25,000 in cash and 83,333 compensation warrants. Research Capital Corp. received $80,450 in cash and 280,167 compensation warrants.

AOC intends to close a second tranche of the Offering on or before June 25, 2021.

All securities issued in connection with the Offering are subject to a four month and a day hold period under applicable securities laws.

The Corporation also announced today that it had settled a combined total of $1,127,522 in debt via the issuance of a combined total of 3,441,741 Common Shares. The debt was owed to consultants to the Corporation and various creditors. $50,000 of the combined debt total was settled via the issuance of 100,000 Common Shares at a price of $0.50 CDN per Common Share. $225,000 of the combined debt total was settled via the issuance of 500,000 Common Shares at a price of $0.45 CDN per Common Share. $852,522 of the combined debt total was settled via the issuance of 2,841,741 Common Shares at a price of $0.30 CDN per Common Share.

About Advantagewon Oil Corp.

Advantagewon is a Canadian based energy company. Advantagewon's common shares are listed on the OTC Markets in the United States and on the Canadian Securities Exchange ("CSE") in Canada. Advantagewon is a member of the CSE Composite Index (CSE: AOC). For more information please visit www.aoc-oil.com

For further information please contact:

Mr. Paul Haber
Chairman & Director
Advantagewon Oil Corp.
T: (416) 318-6501

Mr. Frank Kordy
Secretary & Director
Advantagewon Oil Corp
T: (647) 466-4037

Forward-Looking Statements

Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/87185