CALGARY, AB / ACCESSWIRE / May 31, 2019 / Point Loma Resources Ltd. (TSX VENTURE: PLX) (the “Corporation” or “Point Loma“) announces that in order to preserve its cash on hand, it has entered into debt settlement agreements with certain arm’s length parties to settle trade payables in the sum of $543,750 in consideration for the issuance of 3,020,835 settlement units where each unit is comprised of one common share in the capital of the Corporation (the “Common Shares“) and one common share purchase warrant of the Corporation (the “Warrants” and collectively with the Common Shares, the “Settlement Units“). The Common Shares will be issued at a deemed price equal $0.18 and each Warrant will be exercisable into one (1) Common Share at a price of $0.22 per share with a one-year term.
The issuance of the Settlement Units will not result in the creation of a new Control Person (as defined in the policies of the TSX Venture Exchange (“TSXV“)) and is subject to TSXV approval.
About Point Loma
Point Loma is a public oil and gas development and exploration company focused on horizontally exploiting conventional oil and gas reservoirs in west central Alberta. The Corporation controls over 150,000 net acres (230 net sections) and has an inventory of oil opportunities in the Mannville (Upper and Lower), Banff, Nordegg, and Duvernay Shale formations. Point Loma’s business plan is to utilize its experience to drill, develop and acquire accretive assets with potential for horizontal multi-stage frac technology and exploit opportunities for secondary recovery. For more information, please visit Point Loma’s website atwww.pointloma.ca or Point Loma’s profile on the System for Electronic Document Analysis and Retrieval website at www.sedar.com.