Pulse Oil Corp. announces funding | News

VANCOUVER, British Columbia, Feb. 12, 2022 (GLOBE NEWSWIRE) — Pulse Oil Corp., (“Pulse” or the “Company”) (TSXV: PUL) is pleased to announce that it intends to undertake a private placement financing (the “Offer”) to finance the advancement of the Bigoray area enhanced oil recovery (“EOR”) project, 100% owned by the Corporation.

Pulse intends to raise approximately $12.5 million at a price of $0.05 per Unit (each, a “Unit”), each Unit consisting of one common stock of Pulse (“Common Stock”) and one share purchase warrant (each, a “Warrant”). ) exercisable during a period of one year from the closing of the financing to purchase one additional common share at an exercise price of $0.065 per share. Currently, Pulse has received commitments to underwrite approximately $6 million of the offering from current Pulse insiders.

The Company plans to use the proceeds of the Offering to acquire the necessary infrastructure and secure a reliable supply of NGL injection solvent needed to execute Pulse’s plans for the EOR project. This step follows results previously announced by one of the world’s leading providers of technologies for the characterization, drilling, production and processing of reservoirs for the oil and gas industry and included three petrotechnical modeling steps consisting of a geological study, geological and geophysical modeling and reservoir simulation. .

Arm’s length finder’s fees may be payable to brokerage firms in connection with the Offer. The Offering is subject to certain conditions customary for transactions of this nature, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. In addition, it is expected that a new controlling person will be created as a result of this private placement which, in accordance with the policies of the TSX Venture Exchange, will require shareholder approval. Therefore, the offering is expected to close in the second quarter of 2022.

The Shares and Warrants issued under the Offering will be subject to a Canadian lawful hold period of four months and one day following the Closing Date. Securities issued to insiders will also be subject to a TSX Venture Exchange hold period of the same duration.

About the pulse

Pulse is a Canadian company incorporated under the Business Corporations (Albert) Act with a primary focus on a 100% upgraded petroleum project, located in west central Alberta, Canada. The project includes two established Pinnacle Nisku reef tanks that have been producing light sweet crude oil for over 40 years. The Company plans to institute a proven recovery methodology (NGL solvent injection) to further enhance ultimate oil recovery from these two proven fields. With less than 10 million barrels of oil recovered to date and representing a recovery factor of approximately 30% of the pools, Pulse is moving forward to execute the EOR project and unlock significant shareholder value. Pulse’s total reclamation liability is only $2.5 million, which compared to many western Canadian industry peers is very low.

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.

For more information, contact:

Pulse Oil Corp.

Garth Johnson CEO ‎604-306-4421‎ [email protected]

Drew Cadenhead President and COO ‎604-909-1152 [email protected]

Forward-Looking Statements:‎

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, included herein are forward-looking information. In this press release, such statements include, but are not limited to, Pulse’s intention to undertake the Offer, the intended use of the proceeds of the Offer and the expected closing date of the Offer. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Pulse’s current beliefs and is based on information currently available to Pulse and on assumptions Pulse believes are reasonable. These assumptions include, but are not limited to, investor interest in the Offering, receipt of the TSX Venture Exchange for the Offering and receipt of all necessary shareholder approvals. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, level of activity, performance or achievements of Pulse to differ materially from those expressed. or implied by such forward-looking information. . These risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and securities market prices; actual results of future operations; competition; changes in legislation, including environmental legislation, affecting Pulse; the timing and availability of external funding on acceptable terms; and the loss of key individuals. A description of additional risk factors that could cause actual results to differ materially from the forward-looking information is available in Pulse’s disclosure documents on SEDAR’s website at www.sedar.com. Although ‎Pulse has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or expected. Readers are cautioned that the above list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which it is based will occur. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents Pulse’s expectations as of the date of this press release and, accordingly, is subject to change after such date. However, Pulse expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by securities laws. applicable.

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