Daybreak Secures $2.5M for Closing the Reabold California LLC Acquisition

Source: www.gulfoilandgas.com 5/11/2022, Location: North America

Daybreak Oil and Gas, Inc. (DBRM) (“Daybreak”) is pleased to announce that it has secured the financing as required by the Equity Exchange Agreement between Daybreak and Reabold California LLC. On May 5, 2022, Daybreak entered into a Subscription Agreement with Portillion Capital Ltd., a private company incorporated in the United Kingdom (“Portillion”), pursuant to which Portillion has subscribed to purchase 125,000,000 shares of the Company’s common stock, par value, $0.001, for a purchase price of $0.02 per share, or $2,500,000 in the aggregate. The closing of the Capital Raise will take place after the Company’s Special Meeting of Shareholders on May 20, 2022 to approve the closing of the previously disclosed Equity Exchange Agreement dated as of October 20, 2021 entered into by and among the Company, Reabold California LLC, a California limited liability company (“Reabold”), and Gaelic Resources Ltd., a private company incorporated in the Isle of Man and the 100% owner of Reabold (“Gaelic”), pursuant to which Daybreak will acquire Reabold in exchange for issuing 160,964,489 shares of its common stock to Gaelic (the foregoing transaction, the “Equity Exchange”). Entering into the Subscription Agreement with respect to the Capital Raise is a condition to the closing of the Equity Exchange.

Daybreak Oil and Gas, Inc. is an independent crude oil and natural gas company currently engaged in the exploration, development and production of onshore crude oil and natural gas in the United States. The Company is headquartered in Spokane Valley, Washington with an operations office in Friendswood, Texas. Daybreak owns a 3-D seismic survey that encompasses 20,000 acres over 32 square miles with approximately 6,500 acres under lease in the San Joaquin Valley of California. The Company operates production from 20 oil wells in our East Slopes project area in Kern County, California.


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