Laredo Oil Raises $1,132,200 in Private Offering of Short-term Notes and Warrants
Laredo Oil Raises $1,132,200 in Private Offering of Short-term Notes and Warrants |
| [24-June-2025] |
AUSTIN, Texas, June 24, 2025 /PRNewswire/ -- Laredo Oil, Inc. ("Laredo Oil") (OTC Pink Sheets: LRDC), an oil exploration and production company, recently announced that it has sold Subordinated Promissory Notes in the total principal amount of $1,132,200 and warrants to purchase 1,132,200 shares of Laredo Oil's common stock at $0.43 per share. The sales were made under a Note and Warrant Purchase Agreement dated May 20, 2025, as amended June 4, 2025. Laredo Oil can issue Notes under that agreement in the total principal amount of up to $1,500,000, and a total of 1,500,000 warrants. Laredo Oil did not pay a finder's fee related to the transaction. The notes and warrants have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the Securities Act. Mark See, Chairman and CEO of Laredo Oil, commented, "On an ongoing basis, our UGD enhanced oil recovery method has been unveiled to a discrete set of investors and oil field owners. Due to a change in the climate for U.S. based energy projects, we are seeing increased interest from multiple investors/funds and oil field ownership interests in our UGD methods, both nationally and internationally. We are optimistic that we may conclude one or more UGD transactions by years end. The primary use of the proceeds from this issuance of Subordinated Promissory Notes and warrants is to support the various costs associated with these transactions." About Laredo Oil Inc. Laredo Oil, Inc. (www.laredo-oil.com) is an oil exploration and production company primarily engaged in acquisition and exploration efforts for mineral properties. In addition to pursuing conventional oil recovery methods in selected oil fields, Laredo Oil plans to locate and acquire mature oil fields, with the intention of recovering "stranded" oil using enhanced recovery methods. Laredo Oil's common stock is listed on the Pink Sheets under the symbol, "LRDC." Forward-Looking Statements This press release and the statements made by Laredo Oil in this press release may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements describe Laredo Oil's future plans, projections, strategies, and expectations, and may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements are based on assumptions and involve a number of risks, uncertainties, situations and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results expressed or implied by these statements. These factors include changes in interest rates, market competition, changes in the local and national economies, and various other factors detailed from time to time in Laredo Oil's SEC reports and filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Laredo Oil undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
SOURCE Laredo Oil, Inc. | ||
Company Codes: OTC-BB:LRDC, OTC-PINK:LRDC |
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