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Oracle Energy closes 2.8-million-unit financing

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Tackler Member Level  Thursday, 07/26/07 10:39:00 PM
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Oracle Energy closes 2.8-million-unit financing

2007-07-23 16:14 MT - News Release

Mr. Nasim Tyab reports

ORACLE ENERGY COMPLETES PRIVATE PLACEMENT

Oracle Energy Corp. has completed a private placement further to Stockwatch news May 25, 2007. A total of 2.8 million units were issued at a price of 25 cents per unit. Each unit consists of one share and one warrant. The warrant is exercisable for a two-year period at a price of 30 cents in the first year and at a price of 40 cents in the second year. Proceeds from this private placement will be used to finance Oracle Energy's share of costs for the re-entry of the Jonnell Zamora No. 1 well in Zapata county, Texas, and for general working capital purposes.

The units issued from this private placement have a hold period from trading as follows: 2,755,000 until Nov. 8, 2007; and 45,000 until Nov. 18, 2007.

Canaccord Capital Corp. received a finder's fee of $52,625 in cash and 210,500 agent's warrants on same terms as the private placement, and Lisa Bowie received $2,500 in cash.

T
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