Oando Energy Resources Inc. announced that, the Toronto Stock Exchange ('TSX') has accepted notice of the proposed private placement of 35,070,063 common shares of the Company and 17,535,031 warrants for gross proceeds of US$50,000,000 (the 'Private Placement') and the proposed acquisition by the Company of the outstanding shares of Medal Oil Limited (the 'Medal Oil Acquisition'), which owns a 5% interest in OML 131, for a purchase price of US$5,000,000 to be satisfied by the issuance of 3,491,082 common shares of the Company and 1,745,541 warrants.

In addition, TSX has conditionally approved the listing of all common shares issuable (including underlying the warrants) pursuant to the Private Placement and the Medal Oil Acquisition. Listing will be subject to OER fulfilling all of TSX's listing conditions.

Tags: Oando Energy Resources Inc.