SPRING, TX / ACCESSWIRE / April 22, 2019 / True North Energy Corporation (OTC PINK: TNEN) ("True North"), is pleased to announce that a new equity investment of $100,000 was received by the company out of a $212,500 binding subscription. The balance of the funds are scheduled over the next four months.
The funds are designated for working capital and debt repayment.
The investor will be issued a new series of preference share, convertible over three years at a discount to the market price of the Company's shares, among other features.
Ture North is pleased to announce earnings of $1,083,046 for the nine months ended January 31,2019 which represents basic earnings per share of $0.02 and fully diluted per share of $0.01.
About True North Energy Corporation
Traditionally, True North Energy Corporation has engaged in the identification, acquisition and development of oil and gas properties. Through its subsidiary, TN Energy Corp, a Texas Corporation, the company holds overriding royalty interests on oil and gas properties located in Colorado and Oklahoma.
True North Energy Corporation
24624 I - 45 North Suite 200
Spring, TX 77386
This press release may contain forward-looking statements, including information about management's view of True North's future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or " may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release, other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of True North, its divisions and concepts to be materially different than those expressed or implied in such statements. The forward-looking statements included in this press release are made only as of the date hereof. True North cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, True North undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by True North.
SOURCE: True North Energy Corporation