InPlay Oil Corp. Completes Flow-Through Equity Financing
CALGARY, Alberta, Dec. 13, 2017 (GLOBE NEWSWIRE) -- InPlay Oil Corp. (TSX:IPO) (OTCQX:IPOOF) ("InPlay" or the "Company") is pleased to announce that it has completed in the fourth quarter non-brokered private placements of an aggregate of 5.83 million common shares issued on a "flow-through" basis in respect of a combination of Canadian development expenses ("CDE") at a price of $1.65 per share and Canadian exploration expenses ("CEE") at a price of $1.80 per share for aggregate gross proceeds to date of approximately $10.1 million (collectively, the "Private Placement").
Proceeds of the Private Placement will be used by the Company in its drilling program to incur eligible CDE and CEE, as the case may be, which will be renounced to subscribers in accordance with the terms of the Private Placement.
The common shares issued pursuant to the Private Placement are subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation.
For further information, please contact:
| Doug Bartole President and Chief Executive Officer InPlay Oil Corp. Telephone: (587) 955-0632 |
Darren Dittmer Chief Financial Officer InPlay Oil Corp. Telephone: (587) 955-0634 |
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