CALGARY, Alberta, March 06, 2018 (GLOBE NEWSWIRE) -- (TSX-V:DVT) – Divestco Inc. ("Divestco" or the "Company") is pleased to announce that it intends to complete a private placement of up to a maximum of 20,000,000 Class A common shares of Divestco (the "Shares") at a price of $0.10 per Share for gross proceeds of up to a maximum of $2,000,000 (the "Private Placement"). Directors, officers and other insiders of Divestco may acquire some or all of the Shares.
The funds advanced to Divestco will be used for expansion of existing business lines, development of new business lines, capital expenditures and transaction expenses. In connection with the Private Placement, no finders, brokers or other agents are entitled to receive either Shares or cash consideration.
The completion of the proposed Private Placement is subject to the approval of the TSX Venture Exchange. There is no assurance that this proposed placement will be completed in full or in part.
On March 6, 2018, the closing price for Divestco's Shares on the TSX Venture Exchange was $0.095.
About the Company
Divestco is an exploration services company that provides a comprehensive and integrated portfolio of data, software, and services to the oil and gas industry. Through continued commitment to align and bundle products and services to generate value for customers, Divestco is creating an unparalleled set of integrated solutions and unique benefits for the marketplace. Divestco’s breadth of data, software and services offers customers the ability to access and analyze the information required to make business decisions and to optimize their success in the upstream oil and gas industry. Divestco is headquartered in Calgary, Alberta, Canada and trades on the TSX Venture Exchange under the symbol "DVT".
For more information please contact:
|Mr. Stephen Popadynetz||Mr. Danny Chiarastella|
|CEO and President||CFO|
|Tel 587-952-8152||Tel 587-952-8027|
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 document contains certain forward-looking information and statements within the meaning of applicable securities laws. Statements that contain words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may" and similar expressions and statements relating to matters that are not historical facts constitute "forward-looking information" within the meaning applicable under Canadian securities legislation. In particular, this press release contains forward-looking statements pertaining to the following: the Company's intent to conduct a private placement of Shares; certain directors and officers of the Company purchasing such Shares; and the use of the proceeds from the Private Placement. Although management of the Company believes that the expectations reflected in such forward-looking information are reasonable, there can be no assurance that such expectations will prove to have been correct because, should one or more of the risks materialize, or should the assumptions underlying forward-looking statements or forward-looking information prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Readers should not place undue reliance on forward-looking statements or forward-looking information. All of the forward-looking statements and forward-looking information of the Company contained in this press release are expressly qualified, in their entirety, by this cautionary statement. The forward-looking information and statements contained in this document speak only as of the date of this document and the Company does not assume any obligation to update these forward-looking statements or forward-looking information if conditions or opinions should change, except where required by law.
These forward-looking statements are based upon assumptions including: the availability of potential subscribers for the Shares; future prices for crude oil and natural gas; future interest rates and future availability of debt and equity financing will be at levels and costs that allow the Company to manage, operate and finance its business and develop its software products and various oil and gas datasets including its seismic data library, and meet its future obligations; the regulatory framework in respect of royalties, taxes and environmental matters applicable to the Company and its customers will not become so onerous on both the Company and its customers as to preclude the Company and its customers from viably managing, operating and financing its business and the development of its software and data; and that the Company will continue to be able to identify, attract and employ qualified staff and obtain the outside expertise as well as specialized and other equipment it requires to manage, operate and finance its business and develop its properties.
The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control, including: general economic, market and business conditions; fluctuations in the market price of the Shares; volatility in market prices for crude oil and natural gas; ability of Divestco’s clients to explore for, develop and produce oil and gas; availability of financing and capital; fluctuations in interest rates; demand for the Company’s product and services; weather and climate conditions; competitive actions by other companies; availability of skilled labour; failure to obtain regulatory approvals in a timely manner; adverse conditions in the debt and equity markets; government actions including changes in environment and other regulation; and further, there may be circumstances where, for unforeseen reasons, a reallocation of funds may be necessary as may be determined at the discretion of the Company and there can be no assurance as at the date of this disclosure as to how those funds may be reallocated; should any one of a number of issues arise, Divestco may find it necessary to alter its current business strategy and/or capital expenditure program.