Toronto, Ontario--(Newsfile Corp. - September 26, 2019) - Advantagewon Oil Corp., (CSE: AOC), (OTCQB: ANTGF), (the "Corporation", "Advantagewon", "AOC") announced today that Mr. Charles Dove CEO & Director, has resigned from AOC's Board of Directors, effective immediately, and from his position as CEO of the Corporation. The Corporation has appointed Mr. Stephen Hughes to both the Corporation's Board of Directors and to the position of CEO effectively immediately.
Mr. Hughes has over 15 years of banking and Canadian oil and gas experience. For the majority of his career Stephen focused on Small-cap resources companies where he completed a wide variety of advisory and capital market transactions with a Canadian independent investment bank. Since 2014, Mr. Hughes focus has been in business development, corporate advisory and restructurings of private and publicly listed Oil companies. Furthermore, Stephen is also a Co-founder of several private oil companies.
With the addition of Stephen Hughes, AOC plans on expanding it's focus to include the Canadian oil patch. We believe that there are a number of low cost low risk reactivation and work-over opportunities that can provide the Corporation with significant cash flow. The Corporation is pleased to announce that it has entered into an agreement with a private company for 3 such opportunities with a right of first refusal on 6 additional wells. AOC will pay $30,000 to enter this agreement to earn a 10% non working interest in the 3 wells and will then fund the reactivation work on the wells earning an additional 40% non working interest in the wells. The first well is expected to be reactivated by the first week of October and we look forward to reporting those results.
Paul Haber, Executive Chairman stated, "I am very excited to welcome Stephen as CEO, he has identified and brought forward these opportunities and I believe our stakeholders will benefit significantly from our expanded strategy in Canada. I would like to thank Charles for the work he did and the difficult times he led AOC through."
The Corporation also announced the resignation of Roger Harmon as CFO and the appointment of Frank Kordy as Interim CFO effective immediately. The Corporation would like to thanks Roger for all his hard work in supporting Charles and his team.
In order to fund these new initiatives, the Corporation has entered into loan agreements with a syndicate of lenders for a total of One Hundred Seventy Five Thousand Dollars ("$175,000.00") CDN. Under the terms of the agreements the Corporation will pay Twelve percent ("12%") per interest per annum to the lenders and repay the loan over three ("3") years. The Corporation will also issue a combined Thirty Million ("26,250,000") Units of the Corporation to the syndicate. Each unit shall consist of One ("1") Common Share of the Corporation and 1 full Purchase Warrant. Each Purchase Warrant shall entitle the holder of the Warrant the ability to purchase 1 additional Common Share at a deemed price of Five Cents ("$0.05") CDN per Common Share for a period up to three years after the date of issuance of the Units.
The Corporation has also issued Four Million (4,000,000) options to the new CEO. The options vest immediately and allow the holder the right to acquire 1,000,000 common shares at a price of $0.05, 1,000,000 common shares at a price of $0.10 and 2,000,000 common shares at a price of $0.15. The options have a life of 5 years.
About Advantagewon Oil Corp.
Advantagewon is focused on building consistent cash flow from low cost, low risk oil wells. Advantagewon's common shares are listed on the OTC Markets in the United States and on the Canadian Securities Exchange ("CSE") in Canada. Advantagewon is a member of the CSE Composite Index (CSE: AOC). For more information please visit www.aoc-oil.com
For further information please contact:
Mr. Stephen Hughes
CEO & Director
Advantagewon Oil Corp.
T: (587) 580-9344
Mr. Frank Kordy
Secretary & Director
Advantagewon Oil Corp
T: (647) 466-4037
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
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