ST. HELIER, JERSEY, June 30, 2014 /CNW/ - EastSiberian Plc, ("EastSiberian" or the "Corporation") a Jersey company, is pleased to announce that it intends to complete a non-brokered private placement of up to 10,000,000 common shares (the "Common Shares") of the Corporation at a price of $0.05 per share for aggregate gross proceeds of up to $500,000 (the "Private Placement").
The Common Shares will be issued on a private placement basis pursuant to exemptions from applicable Canadian, U.S. and international securities laws and will be subject to a four-month and one day hold period from the closing date of the Private Placement.
The Corporation intends to use the net proceeds of the Private Placement to fund a 3rd party engineering report, legal and other costs in respect of a possible acquisition of properties in Latin America and for general corporate purposes. The Corporation has requested that the NEX halt trading of its common shares to allow the Corporation to complete the 3rd party engineering report, plus provide full and complete disclosure of the property acquisition it is hoping to conclude. The common shares will remain halted until further notice in respect of such possible acquisition.
The Private Placement is expected to close at one or more closings commencing in mid July 2014. However, completion is subject to certain conditions, including approval of the NEX Board of the TSX Venture Exchange (the "NEX") to the listing of the Common Shares on the NEX and to minimum gross proceeds of $250,000.
EastSiberian is an international junior oil exploration company incorporated in the Bailiwick of Jersey. For further information, please visit the EastSiberian Plc website at www.eastsiberianplc.com. The common shares of the Corporation are currently listed on the NEX.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Advisory Regarding Forward-Looking Statements
This press release contains certain forward-looking statements and forward-looking information (collectively referred to as "forward looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking information typically contains statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release contains forward-looking statements pertaining to: the Private Placement, including: timing of the closing the ability to enter into definitive agreements establishing the joint venture; timing of closing of the joint venture transaction; the characteristics of the Anticosti properties and associated resources; a, the use of proceeds, business plans and strategies.
Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to EastSiberian and its shareholders. In particular, there is no assurances can be given that we will be able to negotiate any acquisition opportunity in Latin America on terms acceptable to EastSiberian or to complete any such acquisition..
Forward-looking statements are based on the terms of the letter of intent and EastSiberian's current beliefs as well as assumptions made by, and information currently available to, EastSiberian concerning business prospects, strategies, characteristics of the properties subject to the possible acquisition opportunity, regulatory developments, government support, future commodity prices, the ability to market products successfully and the ability to obtain financing on acceptable terms. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that forward-looking statements will not be achieved..
The forward-looking statements contained in this press release are made as of the date hereof and EastSiberian does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
SOURCE: EastSiberian Plc
For further information: EastSiberian Plc: Graeme Phipps, President, 9 Esplanade, St. Helier, Jersey, Tel: +44 7733 363 016 or +1 403 630 2367, Email: email@example.com