Oyster Oil and Gas Ltd has announced that due to strong demand the Company has increased the size of its previously announced non-brokered private placement of units from aggregate gross proceeds of up to CDN$450,000 (approx. $USD333000) to up to CDN$1,500,000 (approx. $USD1110165).
Oyster Oil and Gas Ltd had earlier closed the first tranche of its previously announced non-brokered $850,000 on private placement financing.
The Company intends to use the net proceeds of the Financing for general corporate and working capital purposes.
The closing of the Financing is expected to occur by no later than July 13, 2017, and remains subject to certain closing conditions, including, but not limited to, the receipt of applicable regulatory approvals and the completion of required regulatory filings with the TSX Venture Exchange .
Oyster is an upstream oil and focuses on Eastern Africa and holds production sharing contracts interests with the Government of Djibouti and the Government of Madagascar. Oyster holds four blocks comprising approximately 3.5 million acres onshore and offshore in Djibouti; and holds a working interest in an onshore block in Madagascar covering approximately 2.8 million acres.