CALGARY, Alberta, June 04, 2018 (GLOBE NEWSWIRE) — Raise Production Inc. (TSX-V:RPC) (“Raise” or the “Company”) is pleased to announce that it has closed the final tranche of its private placement offering (“Private Placement”) with Synergy Energy Holdings, LLC (“SEH”) previously announced on May 11, 2018. The final tranche consisted of 3,633,333 common shares at a price of $0.24 per common share for total gross proceeds to the Company of $872,000.
Upon closing of the final tranche, SEH holds approximately 12.86% of Raise’s issued and outstanding common shares. The common shares issued will be subject to a four month hold period from the date of issuance in accordance with applicable Canadian securities laws and the rules of the TSX Venture Exchange.
The proceeds received by the Company from the two tranches of the Private Placement amounted to total gross proceeds of $3,500,000. These funds will be used for commercializing the High Angle Lift Solution (“HALS”) in the USA and international markets, hiring critical staff for commercialization, purchasing HALS inventory and working capital.
The Private Placement is an endorsement by SEH and its private equity owners, Crestview Partners and B29 Investments, LP, as to the need and applications for the technology supplied by Raise. The financing will also allow the Company to reinforce its Canadian operations and international options.
Synergy of 114 East Foreline Street, Gainesville, Texas, 76240, advised that it, together with Endurance Lift Solutions, Crestview Partners and B-29 Investments, LP, which may be considered to be joint actors in respect of this investment, beneficially owned or exercised control or direction over 10,950,000 common shares of Raise, constituting approximately 9.97% of Raise’s issued and outstanding common shares, prior to the final tranche of the Private Placement; and the acquisition is being made for investment purposes.
About Raise Production Inc.
The Company is an innovative oilfield service company that focuses its efforts on the production service sector, utilizing its proprietary products to enhance and increase ultimate production in both conventional and unconventional horizontal oil and gas wells.
For further information please contact:
Eric Laing, President and Chief Executive Officer
Susan Scullion, Chief Financial Officer
Raise Production Inc.
2620-58th Avenue S.E.
Calgary, Alberta T2C 1G5
Tel: (403) 699-7675
Web site at: www.raiseproduction.com
Neither 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 news release.
This news release contains certain forward-looking statements, including but not limited to: expectations regarding commercialization in North America and select international locations, use of proceeds from the Private Placement, timing and amendment of the Company’s distribution agreement, timing of the closing of the Private Placement and timing and receipt of all regulatory approvals, including TSXV approval, required in connection with the Private Placement. All statements, other than statements of historical fact, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from these anticipated in such statements.
The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to publicly update or revise any of the included forward-looking statements, except as required by applicable Canadian securities law.