Divestco Announces Second Closing of Private Placement

CALGARY, Alberta, June 04, 2018 (GLOBE NEWSWIRE) -- (TSX-V:DVT) – Divestco Inc. ("Divestco" or the "Company") is pleased to announce that further to its news releases dated March 6, 2018 and May 3, 2018, Divestco has successfully closed the second tranche of its non-brokered private placement (the "Private Placement") and issued 1,732,500 Class A shares of Divestco (the "Shares") at a price of $0.10 per Share for gross proceeds of $173,250. Divestco intends to complete additional closings in respect of the Private Placement in the coming few weeks. 

The funds advanced to Divestco will be used for expansion of existing business lines, development of new business lines, capital expenditures and transaction expenses. In connection with the Private Placement, no finders, brokers or other agents are entitled to receive either Shares or cash consideration.

The Private Placement is subject to the final approval of the TSX Venture Exchange. 

About the Company

Divestco is a geoscience services company that provides a comprehensive and integrated portfolio of data, software, and services to the oil and gas industry. Through continued commitment to align and bundle products and services to generate value for customers, Divestco is creating an unparalleled set of integrated solutions and unique benefits for the marketplace. Divestco's breadth of data, software and services offers customers the ability to access and analyze the information required to make business decisions and to optimize their success in the upstream oil and gas industry. Divestco is headquartered in Calgary and trades on the TSX Venture Exchange under the symbol "DVT". Additional information on Divestco is available on its website at and on SEDAR at . 

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Divestco Inc. ()

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 news release.

Forward-Looking Information and Statements

In particular, this press release contains forward-looking information and statements pertaining to the following: the Company's intention to complete additional closings in respect of the Private Placement; and the use of the proceeds from the Private Placement. This forward-looking information and the related statements are based upon factors, expectations and assumptions reflected in the forward-looking statements that are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct.

The forward-looking information and statements contained in this press release are based upon several material factors and expectations and assumptions of Divestco including, without limitation: the availability of potential subscribers for the Shares on a timely basis; future prices for crude oil and natural gas; future interest rates and future availability of debt and equity financing will be at levels and costs that allow the Company to manage, operate and finance its business and develop its software products and various oil and gas datasets including its seismic data library, and meet its future obligations; Divestco's status as a going concern; that Divestco will continue to conduct its operations in a manner consistent with past operations; future interests rates; future availability of debt and/or equity sources to fund Divestco's capital and operating requirements as needed on terms acceptable to management of Divestco or at all; the regulatory framework in respect of royalties, taxes and environmental matters applicable to the Company and its customers will not become so onerous on both the Company and its customers as to preclude the Company and its customers from viably managing, operating and financing its business and the development of its software and data and the ability of the Company to complete a sale of non-strategic assets, including but not limited to finding appropriate potential purchasers who are willing to purchase such assets at market prices. 

The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control, including: general economic, market and business conditions; fluctuations in the market price of the Shares; volatility in market prices for crude oil and natural gas; ability of Divestco’s clients to explore for, develop and produce oil and gas; the ability of the Company's clients to pay in a timely manner; unfavorable or no access to debt or equity capital markets; fluctuations in interest rates; demand for the Company’s product and services; weather and climate conditions; competitive actions by other companies; availability of skilled labour; failure to obtain regulatory approvals in a timely manner; adverse conditions in the debt and equity markets; government actions including changes in environment and other regulation; competitive actions by other companies; and further, there may be circumstances where, for unforeseen reasons, a reallocation of funds may be necessary as may be determined at the discretion of the Company and there can be no assurance as at the date of this disclosure as to how those funds may be reallocated; should any one of a number of issues arise, Divestco may find it necessary to alter its current business strategy and/or capital expenditure program.  To the extent the final approval of the TSX Venture Exchange is not obtained, Divestco will not be able to proceed with the Private Placement.

The forward-looking information and statements contained in this press release speak only as of the date of this press release, and Divestco does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.