Mitra Energy Closes Private Placement
July 5, 2016 – Kuala Lumpur, Malaysia: Mitra Energy Inc. (“Mitra” or the “Company”) (TSXV: MTE) today announced that, further to its news release dated June 8, 2016, it has completed a non-brokered private placement (“Private Placement”) of 700,000 common shares at a price of $0.49 per common share for gross proceeds of $343,000. The proceeds will be used by the Company for general working capital requirements.
All securities issued in the Private Placement are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation, expiring on November 5, 2016.
Certain directors and officers of the Company acquired common shares under the Private Placement. Such participation is considered to be a “related party transaction”, as defined under Multilateral Instrument 61-101 (“MI 61-101”). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of such insider participation.
For further information, please contact:
Paul Blakeley, Executive Chairman
Michael Horn, Interim Chief Executive Officer
Phone: +60 3 2031 8830
This press release may contain forward-looking information and statements (“forward-looking information”) within the meaning of applicable securities laws. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its securities, or financial or operating results or (as applicable). Although the Company believes that the expectations reflected in our forward-looking information is reasonable, our forward-looking information has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control. We caution that the forgoing list of risks and uncertainties is not exhaustive.
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