Bayshore Petroleum Corp. Announces Closing of Private Placement and
Additional Private Placement
CALGARY, ALBERTA -- (Marketwire) -- 11/14/12 -- Bayshore Petroleum
Corp. (TSX VENTURE:BSH) ("Bayshore" or the "Corporation") announces
that it closed a previously announced non-brokered private placement
(the "Offering"). Pursuant to the Offering, the Corporation issued
138,000 Common Shares of the Corporation ("Shares") at the price of
$0.30 per Share. The Shares are subject to a hold period that expires
on February 10th, 2013. Jordan Capital Markets Inc. and NBCN Inc.
acted as finders and received cash compensation of 10% of the gross
proceeds of the placement.
Bayshore is currently seeking approval from the TSX Venture Exchange
for a further private placement of 100,000 Shares at the price of
$0.30 per Share to be closed immediately upon receipt of Exchange
approval (the "Additional Placement"). Bayshore will pay a cash
finder's fee of 10% on the Additional Placement to an arm's length
party who assisted with the Additional Placement. Any Shares issued
will be subject to a four month hold period. The Additional Placement
is subject to regulatory approval.
Bayshore has entered into a Consulting Agreement with Kingdom Capital
LLC of Dallas, Texas ("Kingdom") pursuant to which Kingdom will
provide to Bayshore consulting services including the introduction
and negotiation of sources of financing for Bayshore. Bayshore has
contracted with Kingdom to assist Bayshore in reaching its previously
announced private placement goal of $2,000,000. Any Shares issued in
a private placement will be subject to a four month hold period, and
such private placement will be subject to regulatory approval.
Proceeds of all placements will be used to fund the Corporation's
ongoing work program in its Saskatchewan oil and gas properties and
for general corporate purposes.
Bayshore is a Calgary, Alberta based Corporation engaged in the
exploration, development and production of petroleum and natural gas.
The Common Shares are listed on the TSX Venture Exchange under the
trading symbol "BSH".
Statements in this press release may contain forward-looking
information including expectations of future production, operating
costs, commodity prices, administrative costs, commodity price risk
management activity, acquisitions and dispositions, capital spending,
access to credit facilities, income taxes, regulatory changes, and
other components of cash flow and earnings. The reader is cautioned
that assumptions used in the preparation of such information may
prove to be incorrect. Events or circumstances may cause actual
results to differ materially from those predicted, a result of
numerous known and unknown risks, uncertainties, and other factors,
many of which are beyond the control of the company. These risks
include, but are not limited to, the risks associated with the mining
industry, commodity prices and exchange rate changes. Industry
related risks could include, but are not limited to, operational
risks in exploration, development and production, delays or changes
in plans, risks associated to the uncertainty of reserve estimates,
health and safety risks and the uncertainty of estimates and
projections of production, costs and expenses. The reader is
cautioned not to place undue reliance on this forward-looking
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.
Bayshore Petroleum Corp.
President and Chief Executive Officer
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