International Samuel Closes Private Placement International Samuel Appoints New Auditor
8th floor, 700 West Georgia Street. Vancouver, British Columbia V7Y 1G5 Tel : 604.318.1448; Fax: .604.662.3791 [email protected] ; www.internationalsamuel.com
INTERNATIONAL SAMUEL CLOSES PRIVATE PLACEMENT INTERNATIONAL SAMUEL APPOINTS NEW AUDITOR
February 19, 2016: Vancouver, BC Canada- International Samuel Exploration Corp. (TSX-V: ISS) (the “Company”) is pleased to announce that it has closed the third and final tranche of its previously announced private placement (the “Private Placement”).
The Company issued 4,880,000 units (the “Units”) at a price of $0.05 per Unit for aggregate gross proceeds of $244,000 (the “Final Tranche”). Each Unit consists of one Common Share and one Common Share purchase warrant, exercisable for a period of two years at an exercise price of $0.10, subject to abridgement of the exercise period (after the expiry of the 4 month hold period) with 30 days notice to holders in the event that the ten-day volume weighted price of the shares exceeds $0.25 (a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.10 for a period of 24 months from issuance. All securities issued in connection with the Final Tranche are subject to a hold period of four months and one day in accordance with applicable Canadian securities laws.
Finder’s fee of up to 8% cash were payable on certain of the subscriptions received and a total of 96,000 finders warrants, exercisable for a period of one year at an exercise price of $0.10 (the “Finders Warrants”), became issuable in conjunction with the closing of the Final Tranche.
The Private Placement is now closed with the Company having issued 15,000,000 Units and raised gross proceeds of $750,000. The Company issued an aggregate 273,200 Finders Warrants and paid an aggregate $13,660 in finder’s fee, representing 8% of the proceeds on certain subscription received under the Private Placement. The Private Placement is subject to the final approval of the TSX Venture Exchange.
The proceeds of the Private Placement will be used for general working capital requirements, the payment of accounts payable, and due diligence in connection with a proposed acquisition of exclusive rights (the “PolarChem Rights”) to market a cleaning system known as the PolarChem Cleaning System for use in coal-fired power plants in China, as previously disclosed in a news release of the Company dated December 23, 2015.
Appointment of New Auditor
The Company is also pleased to announce that it has appointed DeVisser Gray LLP, Chartered Accountants, as auditors of the Company for the June fiscal year. The appointment follows the resignation of the former auditors, Eccelerant Accounting Ltd., Chartered Accountants at the request of the Company. The Company reports that there have been no reservations in the report of Eccelerant Accounting Ltd. for the audits of the most recently completed fiscal period and, in the opinion of the Company, prior to the appointment of DeVisser Gray LLP, there were no reportable events. A reportable event is an occurrence in relationship between the reporting issuer and the former auditor which may have been a contributing factor to the change. A reporting package has been filed with the regulators and will be included in the management materials sent to the shareholders for the next annual general meeting of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
“Mark Tommasi”
President and Chief Executive Officer
For further information, please contact:
International Samuel Exploration Corp.
Telephone: 604.318.1448 Toll Free: 888.500.4587 Email: [email protected]
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 release.
Caution concerning forward-looking information: This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the future of the Company and the Proposed Acquisition. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate”, “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and, accordingly, undue reliance should not be placed thereon. Risks and uncertainties that may cause actual results to vary include, but are not limited to, failure to raise sufficient funds to acquire the PolarChem Rights, failure to obtain regulatory approval of the proposed Change of Business as well as other risks and uncertainties which are more fully described in our filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking information or statements except as may be required by applicable law.