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Symbol: BSH: TSX Venture
CALGARY, Sept. 6, 2011 /CNW/ - Bayshore Petroleum Corp. ("Bayshore" or the "Corporation") announced today that it has sold an aggregate of 6,242,813 units ("Units") for gross proceeds of $1,092,492.28 to Excel Holdings Ltd. and
certain designees pursuant to Bayshore's previously announced
subscription agreement dated June 16, 2011.
Each Unit consists of one common share (the "Common Share") in the capital of the Corporation and one (1) Common Share purchase
warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share
at a price of $0.20. The Common Shares and Warrants are subject to a
hold period which expires on January 7, 2012. The Warrants expire on
September 6, 2014.
An additional $407,507.80, representing the subscription price for
2,328,616 Units, remains in escrow. Upon the satisfaction of certain
conditions on or before November 9, 2011, including the completion of
the TSX Venture Exchange's review of the applicable subscriber's
Personal Information Form, it is anticipated that such funds will be
used to subscribe for an additional 2,328,616 Units.
Concurrently with closing, Alan M. Tang and Mark Woolstencroft resigned
as directors of Bayshore and were replaced by Peter Ho and C.F Cheng.
Mr. Tang also resigned as President and Chief Executive Officer of
Bayshore and has been replaced in such capacity by Mr. Ho.
The securities offered have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or applicable exemption
from the registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful.
The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this press release.
SOURCE Bayshore Petroleum Corp.
For further information:
Peter Ho, President and Chief Executive Officer of Bayshore Petroleum Corp. at Phone: (403) 630-4355