Toronto, Ontario--(Newsfile Corp. - June 26, 2024) - Advantagewon Oil Corp. (CSE: AOC) (OTC Pink: ANTGF) (the "Company") is pleased to announce that the Company has applied for and received partial revocation order (a "Partial Revocation Order") from the Ontario Securities Commission (the "OSC") on June 24, 2024, in connection with the cease trade order (the "Cease Trade Order") issued against the Company by the OSC on May 5, 2023. The Cease Trade Order was issued due to the Company's failure to file certain financial disclosure documents in compliance with National Instrument 51-102 - Continuous Disclosure Obligations.
In connection with receiving the Partial Revocation Order, the Company will complete a non-brokered private placement of secured promissory note (each, a "Secured Promissory Note") for aggregate gross proceeds of up to $60,000 (the "Private Placement"), with each Secured Promissory Note to be issued in the principal amount of $1,000, bearing interest at an annual rate of 2% payable in arrears in equal installments semi-annually, and maturing on the date that is 24 months from the date of issuance.
The proceeds of the Private Placement will be applied towards, among other things, the following (i) accounting, audit and legal fees associated with the preparation and filing of the relevant continuous disclosure documents; (ii) filing fees associated with obtaining the Partial Revocation Order and full revocation order; (iii) legacy accounts payable; and (iv) working capital and general and administrative expenses. Completion of the Private Placement will allow the Company to prepare and file all outstanding continuous disclosure documents with the applicable regulatory authorities. Once those filings have been completed, the Company expects to apply for a full revocation of the Cease Trade Order.
Each potential investor in the Private Placement will receive a copy of each of the Cease Trade Order and Partial Revocation Order, and will be required to provide an acknowledgement to the Company that: (x) all of the Company's securities, including the Secured Promissory Note issued in connection with the Private Placement, will remain subject to the Cease Trade Order until the Cease Trade Order is fully revoked, and (y) the granting of the Partial Revocation Order does not guarantee the issuance of a full revocation order in the future. In accordance with applicable securities legislation, all Secured Promissory Note issued pursuant to the Private Placement will be subject to a hold period of four months and one day from the closing date of the Private Placement. Further, the Secured Promissory Note issued pursuant to the Private Placement may not be transferred until full revocation of the Cease Trade Order, of which there is no guarantee.
About Advantagewon Oil Corp.
Advantagewon's common shares are listed on the OTC Markets in the United States.
For further information please contact:
Mr. Paul Haber
Interim Chief Executive Officer, Interim Chief Financial Officer and Director
Advantagewon Oil Corp.
T: (416) 318-6501
E: paul.haber@aoc-oil.com
NEITHER CSE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-Looking Statements
This press release may contain forward-looking statements including, but not limited to, comments and statements regarding the timing, terms and completion of the Private Placement, the use of funds from the Private Placement, the Company preparing and filing all outstanding continuous disclosure documents, and the Company applying for and receiving full revocation of the Cease Trade Order. Forward-looking statements in this press release are based on certain assumptions, namely: the ability of the Company to continue as a going concern, the ability of the Company to complete the Private Placement, the ability of the Company to use the funds from the Private Placement as intended, the Company ability of the Company to prepare and file all outstanding continuous disclosure documents and the Company's ability to apply for and receive full revocation of the Cease Trade Order. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties, including, but not limited to: the inability of the Company to complete the Private Placement, the inability of the Company to use the funds from the Private Placement for the intended purposes, the inability of the Company to prepare and file all outstanding continuous disclosure documents and the inability of the Company to have the Cease Trade Order fully revoked. Actual results may differ materially from those currently anticipated in such statement.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214541
SOURCE: Advantagewon Oil Corp.
