(Vancouver, BC, August 6, 2015) GreenAngel Energy Corp. (TSX-V:GAE) has closed a first tranche of $160,0000 of its previously announced Private Placement of $215,000 of Units comprised of common shares at $.05 per common share and one share purchase warrant. A second tranche of $80,000 is expected to close later this month. Each warrant gives the holder the right to subscribe for one common share at $0.06 for two years from the date of closing.
Mike Volker, a director and officer of the Company acquired 1,000,000 units, Mike Walkinshaw, a director, acquired 1,500,000 units and other directors and shareholders of the Company subscribed for the remaining 700,000 units.
The price of the units was determined in accordance with the policies of the TSX Venture Exchange. The acquisition of units by insiders under the private placement was exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 pursuant to sections 5.5(a) and 5.7(a) of that instrument. All securities issued under the private placement are subject to a four-month hold period.
Proceeds from the private placement will be used for general working capital and to consider additional investments in growing technology companies. No finders received any fees in connection with the private placement.
The private placement is subject to receipt of necessary stock exchange approval.
About GreenAngel Energy
GreenAngel Energy Corp. is a Revenue Based Financing company that purchases future revenue streams from technology and industrial companies in western Canada. This new financing option complements both debt and equity financing while allowing entrepreneurs to retain control of their own business. In addition, GreenAngel continues to manage existing investments in the clean energy sector, as well as providing strategic and business advisory services to ensure these companies achieve success.
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 news release.
ON BEHALF OF THE BOARD
Michael C Volker
Chairman and Director
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s issuance of Units, acceptance of the offering by the TSX Venture Exchange and the Company’s use of the proceeds of the offering. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company disclaims any obligation to update the forward-looking statements except as required by law.