CALGARY, Alberta, July 25, 2019 (GLOBE NEWSWIRE) -- Paleo Resources, Inc. (“Paleo” or the “Corporation”) (TSX-V: PRE, OTCQB: PRIEF) announced today that, further to its news releases dated May 13, 2019 and June 5, 2019, it has completed the closing of the second and final tranche of the private placement of debentures for gross proceeds of CDN$646,554 (US$482,000 at an assumed exchange rate of CDN$0.7455 to US$1.00), subject to final approval of the TSX Venture Exchange. Pursuant to this final tranche, Paleo settled a portion of the debt owed to Energy Reserve Capital, LLC (“Energy Reserve”), subject to final approval of the TSX Venture Exchange. Paleo issued debentures in the aggregate principal amount of CDN$646,554 (US$482,000 at an assumed exchange rate of CDN$0.7455 to US$1.00) to shareholders of Paleo Oil Company, LLC, the parent company of Energy Reserve, namely Roger S. Braugh, Jr., a director of Paleo and Chris Pettit & Associates PC, controlled by Christopher J. Pettit, a director of Paleo, as trustee of a Trust.
Paleo Resources Announces Closing of Final Tranche of Debenture Offering
Jul 25, 2019
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