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Sunday, December 17, 2017 9:45:32 AM
HOUSTON, Texas - 12/11/2017- Turner Valley Oil and Gas, Inc. (the “Company”) (OTC: TVOG), pending name change, is pleased to announce that Turner has finalized its phase 1 infrastructure and shipping acquisition agreement in conjunction with the preferred stock placement with Network 1 Securities, Inc. (“Network 1”).
From reading the last TVOG PR I believe Network 1 received its first round of preferred shares and will receive more preferred shares based on these statements:
Turner has structured the Preferred Stock placement to exchange Series A shares with cash and assets from the anchor investor and third party sellers.
The initial commitment under the Agreement is approximately $15 Million of cash and assets.
The remaining balance of the initial $25,000,000 will be used to secure additional shipping vessels during the extend phase of Turner’s shipping acquisition.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12422095
$NTFL
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