TORONTO, July 22, 2020 (GLOBE NEWSWIRE) — Claren Energy Corp. (“Claren” or the “Company”) (TSX-V: CEN) is pleased to announce a non-brokered private placement of up to 24,000,000 common shares of the Company (the “Shares”) at a price of CAD $0.05 per share for gross proceeds of up to CAD $1,200,000 (the “Private Placement”).
All securities issued in connection with the Private Placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. Claren intends to use the proceeds from the Private Placement for general working capital purposes and to repay corporate indebtedness. Certain insiders of the Company may acquire shares under the Private Placement, and closing is subject to all necessary regulatory approvals including acceptance from the TSX Venture (the “TSXV“) Exchange.This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.About Claren Energy Corp.Claren Energy Corp. is an oil and gas company that has a (100%) participating interest in the Bobocu Production License, onshore Romania. Its common shares trade on the TSX Venture Exchange under the symbol “CEN”.For more information please contact:Claren Energy Corp.
Mark Lawson
T: +1 647 302 0393
Email: mark@lawson.netThis news release contains forward-looking information relating to Claren’s intentions to conduct the drilling programs and other statements that are not historical facts. Such forward-looking information is subject to important risks and uncertainties that could cause actual results to differ materially from what is currently expected, for example: risks related to oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, competition from other producers, inability to retain drilling rigs and other services, reliance on key personnel, and insurance risks. Findings by other oil and gas issuers does not necessarily indicate that Claren will be successful in making such findings in Australia and Romania. In making such forward- looking statements, Claren has relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies and the availability of capital to Claren in order to continue with the seismic and drilling programs. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Claren may elect to, Claren is under no obligation and does not undertake to update this information at any particular time, except as required by applicable securities law. 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.
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