TORO OIL & GAS LTD. ("TOO")
BULLETIN TYPE: Miscellaneous
BULLETIN DATE: July 22, 2015
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation pursuant to a Royalty Agreement (the "Agreement") between the Company and Source Rock Royalties Ltd. ("Source Rock"), whereby the Company will receive a payment of up to $12 million, separated into 2 tranches of $8 million and $4 million, respectively. In addition, a further $4 million acquisition facility may be established. In consideration, the Company commits to provide Source Rock with Viking light oil production volumes as a royalty (a "PVR"). Additionally the Company will issue 350,000 common shares at a price of $0.67 per share to Source Rock.
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