Razor Energy Corp. Announces Closing of Private Placement
October 22 2021 - 6:52PM
Razor Energy Corp.
(“
Razor”
or the
“
Company”)
(TSXV: RZE) is pleased to announce that it has closed its
previously announced private placement of common shares of Razor
(each, a “
Razor Share”) for a subscription price
of $0.84 per Razor Share (the “
Issue Price”) with
Alberta Investment Management Corporation
(“
AIMCo”), on behalf of certain of its clients,
and certain members of management (the “
Private
Placement”).
Pursuant to the Private Placement, AIMCo has
subscribed for 2,200,000 Razor Shares with aggregate proceeds of
$1,848,000. Certain members of management have collectively
subscribed for 50,000 Razor Shares at the Issue Price for proceeds
of $42,000. The Razor Shares issued under the Private Placement
will have a four month hold period that will expire on February 23,
2022.
At closing Razor will have 23,314,466 common
shares issued and outstanding.
The proceeds of the Private Placement will be
used by Razor to continue its well reactivation program and for
general corporate purposes.
About RazorRazor is a publicly
traded junior oil and gas development and production company
headquartered in Calgary, Alberta, concentrated on acquiring, and
subsequently enhancing, and producing oil and gas from properties
primarily in Alberta. The Company is led by experienced management
and a strong, committed Board of Directors, with a long-term vision
of growth focused on efficiency and cost control in all areas of
the business. Razor currently trades on TSX Venture Exchange under
the ticker
“RZE.V”.www.razor-energy.com
About AIMCoAIMCo is one of
Canada’s largest and most diversified institutional investment
managers with more than C$120 billion of assets under management.
AIMCo was established on January 1, 2008 with a mandate to provide
superior long-term investment results for its clients. AIMCo
operates at arms-length from the Government of Alberta and invests
globally on behalf of 33 pension, endowment and government funds in
the Province of Alberta. AIMCo’s head office is located in
Edmonton, Alberta, with additional offices located in Toronto,
London, and Luxembourg.www.aimco.ca
For additional information please contact:
Doug Bailey |
Kevin Braun |
President and Chief Executive
Officer |
Chief Financial Officer |
Razor Energy Corp.800, 500-5th
Ave SW Calgary, Alberta T2P 3L5Telephone: (403) 262-0242 |
|
READER ADVISORIES
FORWARD-LOOKING STATEMENTS: This press release
may contain certain statements that may be deemed to be
forward-looking statements. Such statements relate to possible
future events, including, but not limited to, the use of proceeds
of the Private Placement. All statements other than statements of
historical fact may be forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as “anticipate”, “believe”, "expect", “plan”,
“estimate”, “potential”, “will”, “should”, “continue”, “may”,
“objective” and similar expressions. The forward-looking statements
are based on certain key expectations and assumptions made by the
Company, including but not limited to expectations and assumptions
concerning the availability of capital, current legislation,
receipt of required regulatory approvals, the timely performance by
third-parties of contractual obligation, the success of future
drilling and development activities, the performance of existing
wells, the performance of new wells, the Company’s growth strategy,
general economic conditions, availability of required equipment and
services, prevailing commodity prices, price volatility, price
differentials and the actual prices received for the Company's
products. Although the Company believes that the expectations and
assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because the Company can give no
assurance that they will prove to be correct. Since forward-
looking statements address future events and conditions, by their
very nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, risks associated with the oil and gas industry and
geothermal electricity projects in general (e.g., operational risks
in development, exploration and production; delays or changes in
plans with respect to exploration or development projects or
capital expenditures; variability in geothermal resources; as the
uncertainty of reserve estimates; the uncertainty of estimates and
projections relating to production, costs and expenses, and health,
safety and environmental risks), electricity and commodity price
and exchange rate fluctuations, changes in legislation affecting
the oil and gas and geothermal industries and uncertainties
resulting from potential delays or changes in plans with respect to
exploration or development projects or capital expenditures. In
addition, the Company cautions that COVID-19 may continue to have a
material adverse effect on global economic activity and worldwide
demand for certain commodities, including crude oil, natural gas
and NGL, and may continue to result in volatility and disruption to
global supply chains, operations, mobility of people and the
financial markets, which could continue to affect commodity prices,
interest rates, credit ratings, credit risk, inflation, business,
financial conditions, results of operations and other factors
relevant to the Company. The duration of the current commodity
price volatility is uncertain. Please refer to the risk factors
identified in the annual information form and management discussion
and analysis of the Company which are available on SEDAR at
www.sedar.com. The forward-looking statements contained in this
press release are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
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
news release.
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