Tenth Avenue Petroleum Corp. (TSXV:TPC) entered into an agreement to acquire Crude Oil Assets in Murray Lake and Hays of Avalon Energy Ltd. for CAD 2.5 million on January 13, 2021. Total consideration for the Acquisition is CAD 2,500,000, payable with CAD 1,750,000 cash and CAD 750,000 in common shares of Tenth Avenue Petroleum Corp.

The aggregate amount of the concurrent Financing is anticipated to be approximately CAD 3.5 million. The Company reserves the ability to pay a finder fee of up to 7% of the gross proceeds of the financing. Closing of this private placement is subject to receipt of approval from the TSX Venture Exchange.

This financing will help close our transformative acquisition and provide the working capital necessary to complete our capital expenditure work programs in southern Alberta. The Acquisition is expected to close on or before March 1, 2022, subject to customary closing adjustments, completion of a concurrent financing and the receipt of necessary regulatory and TSX Venture Exchange approvals.