Daybreak Oil and Gas, Inc. announced that it expects to receive $0.05 million in funding
January 13, 2020
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Daybreak Oil and Gas, Inc. (OTCPK:DBRM) announced that it has entered convertible note purchase agreement with James F. Westmoreland for aggregate gross proceeds of $50,000 on January 14, 2020. The convertible promissory note would mature on July 12, 2020. The note is convertible into $0.001 par value common shares of the company at a conversion price of $0.004 per share. The transaction will happen in two tranches. As a part of transaction, $27,835.03 will be paid by the investor including $10,000 paid in December 2019 and $17,835.03 paid as of the Closing. Further, the investor agrees to pay up to $22,164.97 in additional funding, in one or more tranches. The transaction was approved by the board of directors of the company. The securities were sold in reliance on the exemption from registration provided by section 4(a)(2) of the securities act of 1933 and Regulation D.
On the same day, the company received $27,835.03 in its first tranche closing.
Daybreak Oil and Gas, Inc. is an independent crude oil and natural gas exploration, development and production company. The Company is engaged in developing crude oil and natural gas reserves through exploration and development activities. Its operations are focused on identifying and evaluating prospective crude oil and natural gas properties and funding projects that have the potential to produce crude oil and natural gas in commercial quantities. It has two crude oil and natural gas projects in California. The East Slopes Project is located in the southeastern part of the San Joaquin Basin near Bakersfield, California. Its 20 producing crude oil wells in the East Slopes Project produce from five reservoirs at its Sunday, Bear, Black, Ball and Dyer Creek locations. Its Reabold property has producing wells in both Monterey and Contra Costa counties of California. The Burnett Lease and the Doud Lease are located in close proximity to each other in Monterey County.