CALGARY,
Oct. 28, 2013 /CNW/ - US Oil Sands
Inc. ("US Oil Sands" or the "Company") (TSXV: USO)
confirms receipt of remaining subscription proceeds from the
previously announced $81 million
private placement financing (the "Financing") with strategic
investors Blue Pacific Investments Group Ltd. (through Oil
Associates, S.A.), Anchorage Capital Group, L.L.C. (through ACMO
S.à.r.l.) and Spitfire Ventures, LLC and certain accredited
investors.
Pursuant to the second closing of the Financing,
the Company issued an additional 7,068,000 common shares
("Common Shares") to certain accredited investors at a price
of $0.15 per Common Share, completing
the Financing of 540,036,331 Common Shares for gross proceeds of
$81,005,450. All Common Shares issued
pursuant to the Financing are subject to a statutory hold period of
four months from the date of each closing.
ABOUT US OIL SANDS INC.
US Oil Sands is engaged in the exploration and
development of oil sands properties and, through its wholly owned
United States subsidiary US Oil
Sands (Utah) Inc., has a 100%
interest in bitumen leases covering 32,005 acres of land in
Utah's Uinta basin. The Company
plans to develop its oil sands properties using its proprietary
extraction process which uses a bio-solvent to extract bitumen from
oil sands without the need for tailings ponds.
Neither 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.
SOURCE US Oil Sands Inc.