Oakmont Announces Brokered Private Placement of Common Shares

VANCOUVER, CANADA--(Marketwired - Sept. 23, 2014) -

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Oakmont Minerals Corp. (TSX VENTURE:OMK) ("Oakmont" or the "Company") is pleased to announce that it will proceed with a brokered private placement of common shares for aggregate gross proceeds of up to $5,000,000.

Oakmont has entered into a letter of engagement with Wolverton Securities Ltd. (the "Agent") to act as agent on a "commercially reasonable efforts" agency basis to sell a minimum of 16,000,000 common shares and a maximum of 20,000,000 common shares, at a price of $0.25 per post consolidation (on a one (1) for two (2) basis) common share, for minimum aggregate proceeds of $4,000,000 and maximum aggregate proceeds of $5,000,000 (the "Offering"), subject to the receipt of approval from the TSX Venture Exchange. All of the common shares issued in connection with the Offering will be subject to a hold period expiring four months and one day after closing of the Offering. Up to $1,000,000 of the Offering, or such other amount as agreed to between the Company and the Agent, may be completed on a non-brokered basis.

Closing of the Offering is conditional upon, among other things, the concurrent closing of the transaction with GreenPower Motor Company Inc. ("GreenPower") as previously announced on April 22, 2014 and approved at the Company's annual general and special meeting on May 16, 2014. The Company intends to use the net proceeds of the Offering to fund the operations of GreenPower including the manufacturing costs of additional EV350 buses, engineering and design, sales and marketing, and general and administrative expenses.

In connection with the Offering, the Agent will be entitled to compensation of (a) up to a 7% cash commission on the gross proceeds of the Offering, and (b) agents options of up to 7% of the number of common shares sold in the Offering, with each such option permitting the Agent to acquire one additional common share at an exercise price of $0.25 per share for a period of 24 months from the date of issuance. The Company will also pay the Agent a corporate finance fee, issue 40,000 post-consolidation shares to Wolverton and reimburse Wolverton for its expenses incurred in relation to the brokered portion of the Offering.