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Pulse Oil Corp. Announces Closing of Rights Offering

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Not for distribution to United States newswire services or for dissemination in the United States.

CALGARY, Alberta, May 12, 2021 (GLOBE NEWSWIRE) -- Pulse Oil Corp. (Pulse or "Pulse") (TSXV: PUL) announced the successful completion of the previously announced rights offering (the "Rights Offering") on March 26, 2021, raising total aggregate gross proceeds of $1,515,923, with no fees or commissions being paid by Pulse.

Upon closing, Pulse issued a total of 151,592,357 common shares of Pulse (each a “Common Share”). An aggregate of 109,354,572 Common Shares were issued under the basic subscription privilege, including insider participation of 34,201,576 Common Shares and 75,152,996 Common Shares of all other shareholders as a group. In addition, a total of 42,237,785 Common Shares were issued under the additional subscription privilege, all from other Pulse shareholders as a group, resulting in a total of 100% of rights subscribed. To the knowledge of Pulse, after reasonable inquiry, no person that was not an insider of Pulse became an insider as a result of the distribution under the Offering.

At closing of the Rights Offering Pulse has 303,184,714 Common Shares outstanding. The Rights Offering remains subject to receipt of final acceptance of the TSX Venture Exchange.

As previously announced and described in the Rights Offering circular, Pulse entered into a Standby Commitment Agreement (the "Standby Commitment Agreement"), in connection with the Standby Commitment Agreement the Standby Purchaser was issued an aggregate of 37,500,000 bonus non-transferable share purchase warrants (the “Warrants”). Each Warrant is exercisable for sixty (60) months from the date of issuance into one Common Share at a price of $0.05 per Common Share.

The Standby Purchaser is a "related party" of Pulse under Multilateral Instrument 61-101 –Protection of Minority Security Holders in Special Transactions ("MI 61-101") because the Standby Purchaser exercises control and direction over more than 10% of the issued and outstanding Common Shares. The issuance of the Warrants is not subject to the related party transaction rules under MI 61-101 based on a prescribed exception related to rights offerings.

About Pulse

Pulse is a Canadian company incorporated under the Business Corporations Act (Alberta) that is primarily focused on a 100% Working Interest Enhanced Oil Project Located in West Central Alberta, Canada. The project includes two established Nisku pinnacle reef reservoirs that have been producing sweet light crude oil for over 40 years. The Company plans to institute a proven recovery methodology (NGL solvent injection) to further enhance the ultimate oil recovery from these two proven pools. With under 10 million barrels of oil recovered to date, and representing just 35% recovery factor from the pools, Pulse is moving forward to execute the EOR project and unlock significant value for shareholders.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information contact:

Pulse Oil Corp.

Garth Johnson
CEO
‎604-306-4421‎
garth@pulseoilcorp.com

Drew Cadenhead
President and COO
‎604-909-1152
drew@pulseoilcorp.com


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