Decklar Resources Inc.Announces First Closing of Private Placement Funding

Decklar Resources Inc.Announces First Closing of Private Placement Funding

TORONTO, March 2, 2021 (GLOBE NEWSWIRE) – Decklar Resources Inc. (DKL-TSX Venture) (the “Company” or “Decklar”) is pleased to announce that it has completed the first closing of the previously announced private placement financing of the Company for a total of CAD $ 3,995,600. Funds from this financing will be used to immediately advance operational activities to reenter the Oza-1 well at the Oza oilfield in Nigeria and for general corporate purposes. The funds from this private placement are expected to be sufficient to re-enter the Oza-1 well and to restore oil production at the Oza oilfield through the company’s 100% Nigerian subsidiary, Decklar Petroleum Limited.

First closing of the private placement of ordinary shares

The company has arranged a private placement whereby approximately 17.9 million common shares of Decklar will be issued at a price of C $ 0.28 per share for aggregate gross proceeds of approximately C $ 5,000,000. The common shares to be issued as a result of this private placement will be subject to a four month trading restriction. The initial closing of the private placement was completed and 14,270,000 common shares were issued at a price of C $ 0.28 per share for total gross proceeds of C $ 3,995,600. Following the issuance of the Common Shares from the first closing of the Private Placement (including the Common Shares issued as finder’s fees described below), the Company will have a total of 68,979,773 shares outstanding. A second…

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