Oando Energy Resources Inc. intends to complete an arms length non-brokered private placement (the "Offering") for proceeds of US$50,000,000. In addition, in connection with the Offering, OER intends to acquire a 5% interest in OML 131 in exchange for units of the Company (the "OML 131 Acquisition").

The Offering

The Offering is expected to consist of 35,070,063 common shares of the Company (the "Common Shares") and 17,535,031 common share purchase warrants (the "Warrants") for gross proceeds of US$50,000,000 (each Common Share and half-Warrant, a "Unit") at a price of C$1.57 per Unit. Each whole Warrant will entitle the holder thereof to acquire one common share of the Company at a price of C$2.00 per common share for a period of 24 months from the date of the closing of the COP Acquisition.

Tags: Oando Energy Resources Inc.