Fulucai announces closing of private placement and issuance of stock options
CALGARY, Feb. 18, 2014 /CNW/ - Fulucai Productions Ltd. (OTCQB: FCPS) ("Fulucai" or the "Company") announces that it has closed a private placement of common shares. The Company has issued 4,044,000 common shares at a price of $.25 per share for gross proceeds of $1,011,000 USD. The funds will be used to advance development of its recently acquired New Mexico oil and gas assets and for general corporate purposes.
The Company also wishes to announce that it has granted 2,500,000 stock options to its President and Director. The options, subject to vesting period, are exercisable over a period of 5 years at a price of $.25 per share.
About Fulucai Productions Ltd.
Fulucai is an oil and gas company whose wholly-owned subsidiary, Blue Sky NM Inc., owns a 65% working interest in producing oil and gas properties in the state of New Mexico. The properties consist of 299 wells found in leases covering approximately 14,000 acres. Blue Sky NM Inc. is the operator of the properties.
ON BEHALF OF THE BOARD
Chief Executive Officer
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. Forward-looking information in this news release includes, but is not limited to, statements regarding expectations of management regarding the expiry of hold periods attached to the securities issued in settlement of debts as described in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risk that the hold period on the shares may not expire as expected. Other than as required by law, the Company does not intend to update the forward-looking information contained in this news release.
No stock exchange or regulatory authority has approved or disapproved of the information contained herein.
SOURCE FuLuCai Productions Ltd.For further information:
Mr. Mo Fazil
T: 1 (403) 613-7310