United Hunter Oil & Gas Corp. Announces Additional $500,000 RRSP & TFSA Eligible Private Placement

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VANCOUVER, British Columbia, Feb. 22, 2021 (GLOBE NEWSWIRE) -- On January 12, 2021, United Hunter Oil & Gas Corp. (TSXV:UHO) (Frankfurt:18U1) ("United Hunter" or the "Company") announced, in connection with its letter of intent dated August 7, 2020, to complete a reverse takeover transaction (the “Transaction”) pursuant to which the Company will, directly or indirectly, acquire all of the issued and outstanding securities of Bocana Resources Ltd. ("Bocana") and continue as an amalgamated entity (the “Resulting Issuer”) and a non-brokered offering for up to $2,500,000, with a lead order from Palisades Goldcorp Ltd., consisting of subscription receipts and units of Bocana ("Bocana Units") at a price of $0.10 per Unit (the “Bocana Unit Offering”). Each Bocana Unit consists of one common share (each, a “Bocana Common Share”) and one common share purchase warrant (each, a “Bocana Warrant”). Each Bocana Warrant shall be exercisable at the option of the holder to purchase one Bocana Common Share at an exercise price of $0.25 for a period of 36 months following the Listing Date of the financing (as defined below).

Further to this announcement and due to demand for a RRSP and TFSA eligible offering, the Company is pleased to announce an additional $500,000 offering in units of United Hunter ("UHO Units") at a price of $0.06 per UHO Unit (the “UHO Unit Offering”). Each UHO Unit shall consist of one common share (each, a “UHO Common Share”) and one UHO common share purchase warrant (each, a “UHO Warrant”). Each UHO Warrant shall be exercisable at the option of the holder to purchase one UHO Common Share at an exercise price equal to $0.15 for a period of 36 months following the Closing Date.

The UHO Units, issued pursuant to the UHO Unit Offering, will be subject to a consolidation (the “Consolidation”) of 1.6877 UHO Units to 1 comparable unit of the Resulting Issuer in connection with the completion of the Transaction. The exercise price of the UHO Warrants will be adjusted accordingly in connection with the Consolidation. Following the Consolidation, the UHO Units will have substantially similar terms to those units issued in connection with the Bocana Unit Offering.