InPlay Oil Corp. Announces Completion of $11.5 Million Bought Deal Financing
Summary
The Underwriters exercised in full the 15% over-allotment option granted to them in conjunction with todays closing of the Offering.Each Subscription Receipt represents the right to receive, without payment of additional consideration or further action on the part of the holder thereof, one common share of InPlay (a "Common Share") upon satisfaction of the Escrow Release Conditions (as defined below). Details of the Acquisition and related matters were provided in InPlays press release issued on September 28, 2021.The gross proceeds from the sale of the Subscription Receipts have been placed in escrow pending satisfaction of the following escrow release conditions (the "Escrow Release Conditions"): all conditions, undertakings and other matters to be satisfied, completed and otherwise met (in accordance with the Acquisition Agreement and without waiver or material amendment of the terms and conditions thereof, in whole or in part, by any of the parties thereto unless the consent of the Co-Lead Underwriters is given for such waiver or amendment, such consent not to be unreasonably withheld or delayed) prior to the completion of the Acquisition have been satisfied, completed and otherwise met or waived but for the payment of the purchase price. The Company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. More particularly and without limitation, this press release contains forward-looking statements and information concerning the listing of the Subscription Receipts, satisfaction of the Escrow Release Conditions and the issuance of the Common Shares underlying the Subscription Receipts, the satisfaction of conditions to and completion of the Acquisition and the timing thereof and the use of proceeds from the Offering.The forward-looking statements and information are based on certain key expectations and assumptions made by InPlay, including expectations and assumptions concerning the receipt of all approvals and satisfaction of all conditions to the completion of the Acquisition. These risks and uncertainties include, but are not limited to, fluctuations in commodity prices, changes in industry regulations and political landscape both domestically and abroad, foreign exchange or interest rates, stock market volatility, impacts of the current COVID-19 pandemic and the retention of key management and employees.