Claren Energy Closes Non-Brokered Private Placement
July 30 2020 - 3:59PM
Claren Energy Corp. (“Claren”) (TSX-V: CEN) is pleased to announce
that it has closed its previously announced non-brokered private
placement by issuing 22,000,000 common shares of Claren (the
“Shares”) at a price of CAD $0.05 per share for gross proceeds of
CAD $1,100,000 (the “Private Placement”).
All securities issued under the Private Placement are subject to
a four-month and one day hold period expiring on November 25, 2020.
Claren intends to use the proceeds from the Private Placement for
general working capital purposes and to repay corporate
indebtedness. Mark Lawson a director of Claren, subscribed
indirectly for a total of 1,000,000 Shares and Carlo Civelli an
insider of Claren subscribed indirectly for 21,000,000 Shares.
Participation by these insiders in the private placement is
considered a related party transaction pursuant to Multilateral
Instrument 61-101 -- Protection of Minority Security Holders in
Special Transactions. The Company is exempt from the requirements
to obtain a formal valuation or minority shareholder approval in
connection with the insider's participation in the private
placement in reliance of sections 5.5(a) and 5.7(a) of MI
61-101.
About Claren Energy Corp.
Claren Energy Corp. is an oil and gas company
that has a (100%) participating interest in the Bobocu Production
License, onshore Romania. Its common shares trade on the TSX
Venture Exchange under the symbol "CEN".
For more information please contact:
Claren Energy Corp. Mark LawsonT: +1 647 302
0393Email: mark@lawson.net
This news release contains forward-looking
information relating to Claren's intentions to conduct the drilling
programs and other statements that are not historical facts. Such
forward-looking information is subject to important risks and
uncertainties that could cause actual results to differ materially
from what is currently expected, for example: risks related to oil
and gas exploration, development, exploitation, production,
marketing and transportation, loss of markets, volatility of
commodity prices, currency fluctuations, competition from other
producers, inability to retain drilling rigs and other services,
reliance on key personnel, and insurance risks.. Findings by
other oil and gas issuers does not necessarily indicate that Claren
will be successful in making such findings in Australia and
Romania. In making such forward- looking statements, Claren has
relied upon certain assumptions relating to geological settings,
commodity prices, the stability of markets and currencies and the
availability of capital to Claren in order to continue with the
seismic and drilling programs. You should not place undue
importance on forward-looking information and should not rely upon
this information as of any other date. While Claren may elect to,
Claren is under no obligation and does not undertake to update this
information at any particular time, except as required by
applicable securities law. 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.
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