International Samuel Closes First Tranches of Private Placement
8th floor, 700 West Georgia Street. Vancouver, British Columbia V7Y 1G5 Tel : 604.718.5454 ; Fax: .604.662.3791 [email protected] ; www.internationalsamuel.com
INTERNATIONAL SAMUEL CLOSES FIRST TRANCHES OF PRIVATE PLACEMENT
December 31, 2015: Vancouver, BC Canada- International Samuel Exploration Corp. (TSX-V: ISS) (the “Company”) is pleased to announce that it has closed the first tranche and second tranche (“Initial Tranches”) of its previously announced private placement (the “Private Placement”).
The Company has issued 10,120,000 units (the “Units”) at a price of $0.05 per Unit for aggregate gross proceeds of $506,000. 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 pursuant to the Initial Tranches are subject to a hold period of four months and one day in accordance with applicable Canadian securities laws.
The proceeds of the Initial Tranches 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.
The Company may complete one or more further tranche(s) under the Private Placement in the near future, pursuant to which up to an additional 4,880,000 Units may be sold, to raise combined gross proceeds of up to $750,000. Further proceeds will also be used for general working capital purposes, the payment of accounts payable, and due diligence on the proposed acquisition of the PolarChem Rights. Finders fees of up to 8% cash were payable on certain of the subscriptions received and a total of 177,200 finders warrants, exercisable for a period of one year at an exercise price of $0.10, became issuable in conjunction with the closing of the Initial Tranches. The Private Placement is subject to the final approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
“Mark Tommasi”
President and Chief Executive Officer
For further information, please contact:
International Samuel Exploration Corp.
Telephone: 604.718.5454 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.