/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, May 12, 2020 /CNW/ - CruzSur Energy Corp. (the
"Company" or "CruzSur") (TSXV: CZR) announces
that the Company is undertaking a non-brokered private placement of
10,000,000 units (each, a "Unit"), at a price of
C$0.18 per Unit, for gross proceeds
of C$1,800,000. Each Unit consists of
one common share and one share purchase warrant (each, a
"Warrant"), with each Warrant entitling the holder to
purchase one additional share at a price of C$0.23 for a period of twenty four (24) months
from the date of issuance. The placement is fully subscribed and is
subject to TSXV Exchange approval.
The Company intends to use the proceeds to settle outstanding
liabilities and general working capital.
About CruzSur Energy Corp.
CruzSur Energy Corp. is a publicly traded E&P company
focused on proven oil & gas plays in Latin America. The Company holds a large
diversified portfolio of producing, development and unexploited
assets in Colombia and
Argentina where it will leverage
its amplitude of technical expertise and proven track record
building companies and creating value.
Forward-Looking Information
Except for the
statements of historical fact, this news release contains
"forward-looking information" within the meaning of the applicable
Canadian securities legislation that is based on expectations,
estimates and projections as at the date of this news
release. The information in this news release about the
completion of the operations described herein, and other
forward-looking information includes but is not limited to
information concerning the intentions, plans and future actions of
the parties to the transactions described herein and the terms of
such transaction.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, risks related to the Company's inability to
perform the proposed operations.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to complete the planned operations and activities. The
Company has also assumed that no significant events will occur
outside of the Company's normal course of business. Although the
Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE CruzSur Energy Corp.