CALGARY, Alberta, July 19, 2018 (GLOBE NEWSWIRE) — Raise Production Inc. (TSX-V:RPC) (“Raise” or the “Company”) announces that it intends to extend the term of 4,466,072 warrants to purchase common shares of Raise which were originally issued in tranches on February 10, 2017 and February 21, 2017 in conjunction with the Company’s non-brokered private placement offering of 8,932,144 units (the “Units”). Each Unit consisted of one common share of the Company and one half of one common share purchase warrant (the “Warrants”). Each whole Warrant entitles the holder to purchase one common share at an exercise price of $0.40 per share, which is unchanged.
The Warrants currently have expiry dates of August 11, 2018 and August 21, 2018, eighteen months from the original issuance dates. The Company plans to extend the expiry date of each tranche of issued Warrants by six months, resulting in 3,556,072 Warrants now expiring on February 11, 2019 and 910,000 Warrants now expiring on February 21, 2019, subject to approval from the TSX Venture Exchange.
About Raise Production Inc.
Raise 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 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 the intention to extend the expiry dates of the warrants issued on February 10, 2017 and February 21, 2017 and the receipt of all required regulatory approvals for such extension. 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.