Blue Sky Announces Private Placement Financing
Blue Sky Energy Inc. ("Blue Sky" or the "Company") (TSX VENTURE:BSI) is pleased to announce that it has arranged a non-brokered private placement financing of up to 5,000,000 units of Blue Sky (the "Units") at a price of $1.00 per Unit for gross proceeds of up to $5,000,000 (the "Offering"). Each Unit shall be comprised of one common share of Blue Sky (each a "Common Share") and one half of one common share purchase warrant (each a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one Common Share at a price of $1.50 for a period of 24 months following the closing date of the Offering. If at any time after four months and one day from the closing of the Offering, the Common Shares of the Company trade at $2.50 per common share or higher (on a volume weighted adjusted basis) for a period of 15 consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants to the date that is 30 days after the Company issues a news release announcing that it has elected to exercise this acceleration right.
The proceeds of the Offering will be used for general corporate purposes. The closing date of the Offering is expected to occur on or about May 1, 2017. All securities issued by Blue Sky will be subject to a statutory hold period of four months and one day. Completion of the Offering is subject to a number of conditions, including TSX Venture Exchange approval.
In connection with the Offering, Blue Sky may pay finder's fees in accordance with the policies of the TSX Venture Exchange.
About Blue Sky Energy Inc.:
Blue Sky Energy Inc. is a Canadian independent oil exploration company.
SOURCE: Blue Sky Energy Inc.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.