Perisson Announces Financing Update
CALGARY, October 31, 2018 - Perisson Petroleum Corp. ("Perisson" or the "Company") (TSXV: POG) wishes to update its shareholders concerning the previously announced proposedUSD $50 million equity private placement.
Lan-cheng Limited ("Lan-cheng"), a private investment fund, has completed their duediligence work and has decided to proceed with the financing. Lan-cheng hasestablished a new fund, Lan-cheng Westcity LP (the "Fund") and has advised Perisson of the appointment of legal (ChienYeh Law Offices, Taipei) and financial advisors (Ernst Young, Shanghai) to overseethe funding process. The Fund has commenced finalizing commitmentsfrom its investor group.
As previously announced, the Fund intends to purchaseapproximately 45,678,787 common shares of the Company at a price of USD $1.0946per share, resulting in gross proceeds to the Company of USD $50 million (the "Financing"), subject to the negotiationand completion of a definitive financing agreement by the parties. Theinvestment will represent 4.9% of the issued and outstanding shares ofPerisson, post-Financing.
Lan-cheng is an international privateequity fund operating primarily in Shanghai and Hong Kong, China and Taipei,Taiwan.The Fund is a network of wealthyindividuals, associated institutions and private equity groups which invest inlarge diverse projects on a project-by-project basis.
Completion of the Financing issubject to a number of conditions, including but not limited to, TSXVacceptance. There can be no assurance that Financing will be completed asproposed or at all.Neither the TSXV nor its Regulation Services Provider (as thatterm is defined in the policies of the TSXV) accepts responsibility for theadequacy or accuracy of this release. No stock exchange, securities commissionor other regulatory authority has approved or disapproved of the informationcontained herein.
The Company continues to look for suitableoil and gas acquisitions, including farm-in candidates, and associatedinfrastructure, to leverage the Company's access to drilling capital, equipmentand expertise. We look forward to developing partnerships with oil and gascompanies with asset rich prospects that require significant funding to fullyexploit. Perisson continues to work with CNOG for the acquisition of petroleumassets and petroleum product delivery into China.
About Perisson Petroleum Corporation
PerissonPetroleum Corporation is listed on the TSX Venture Exchange and trades underthe symbol "POG".TheCorporation has ownership in certain oil and gas producing properties in theTwining and Wainwright areas of Alberta, Canada.The Company also holds a 100% workinginterest in the VMM-17 block, a license located in the prolific, stable,oil-producing region of the Middle Magdalena Basin in central Colombia.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Wayne Rousch, President
Direct Line: (403) 827-8597
wrousch@perisson.com
FORWARD LOOKING STATEMENTS
This news release contains forward-lookingstatements relating to the timing and completion of the future operations ofPerisson and other statements that are not historical facts.Forward-looking statements are oftenidentified by terms such as "will", "may", "should", "anticipate", "expects"and similar expressions. All statements other than statements of historical fact,included in this release, including, without limitation, statements regardingthe proposed Acquisition and the future plans and objectives of Perisson, areforward looking statements that involve risks and uncertainties. There can beno assurance that such statements will prove to be accurate and actual resultsand future events could differ materially from those anticipated in suchstatements. Important factors that could cause actual results to differmaterially from Perisson's expectations are risks detailed from time to time inthe filings made by Perisson with securities regulations.
This news release shall not constitute an offer tosell or the solicitation of any offer to buy, nor shall there be any sale ofthese securities in any jurisdiction in which such offer, solicitation or salewould be unlawful. The securities offered have not been and will not beregistered under the U.S. Securities Act of 1933, as amended, and may not beoffered or sold in the United States absent registration or applicableexemption from the registration requirements of the U.S. Securities Act andapplicable state securities laws.
Trading in the securities of Perisson PetroleumCorporation should be considered highly speculative. Neither the TSX VentureExchange nor its Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracyof this release.
SOURCE: Perisson Petroleum Corp.
