Advantagewon Oil Corp., Sells Texas Assets Now Exclusively Focused on Canada
Toronto, Ontario--(Newsfile Corp. - February 4, 2020) - Advantagewon Oil Corp., (CSE: AOC), (OTC Pink: ANTGF), (the "Corporation", "Advantagewon", "AOC") announced today that the Corporation has sold all of its remaining US assets to Emerald Bay Energy Inc., (TSXV: EBY), ("EBY").
In consideration for its holdings, the Corporation will receive from EBY a cash payment of Fifty Thousand Dollars ("$50,000.00") USD and the Corporation also received Thirty-Nine Million and Twenty-Seven Thousand ("39,027,000") Common Shares of EBY, subject to final TSX approval, which amounted to Three Hundred Thousand Dollars ("$300,000.00") USD in valuation. The Common Shares the Corporation received will be held in trust by the Corporation's assignee until Dec 31st, 2020 at which point, or prior to the Dec 31st 2020 deadline, EBY will purchase back the shares from the Corporation for a set price of $300,000.00 USD.
Should EBY elect not to purchase back the 39,027,000 Common Shares it issued to the Corporation, the 39,027,000 Common Shares will then be returned to EBY's treasury and a Royalty Structure will be formed and will commence on Jan 1st, 2021. The royalty structure will pay the Corporation a maximum of Four Hundred Thousand Dollars ("$400,000.00") USD and once the Corporation has received the $400,000.00 USD from EBY, the royalty interests will revert fully to EBY. The Corporation will also receive the return of Two Hundred and Fifty Thousand Dollars ("$250,000.00") USD from the Railroad Commission of Texas for the bond the Corporation had to post to the Commission so that it could commence operations in the State of Texas.
Mr. Stephen Hughes stated: "Over the course of the last six months the Corporation has identified numerous compelling acquisition opportunities in Canada. The Corporation intends on using the funds it will receive from the Railroad Commission of Texas to secure another Canadian based well and for general working capital purposes."
About Advantagewon Oil Corp.
Advantagewon is focused on building consistent cash flow from low cost, low risk oil wells. Advantagewon's common shares are listed on the OTC Markets in the United States and on the Canadian Securities Exchange ("CSE") in Canada. Advantagewon is a member of the CSE Composite Index (CSE: AOC). For more information please visit www.aoc-oil.com.
For further information please contact:
Mr. Stephen Hughes
CEO & Director
Advantagewon Oil Corp.
T: (587) 580-9344
Mr. Frank Kordy
Secretary & Director
Advantagewon Oil Corp
T: (647) 466-4037
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52094