Granite Oil Corp. announces closing of last tranche of private placement on Toronto Stock Exchange: GXO

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CALGARY, Alberta, January 18, 2019 (GLOBE NEWSWIRE) – GRANITE OIL CORP. ( 'Granite"or the"Business") (TSX: GXO) (OTCQX: GXOCF) is pleased to announce that it has closed the second and final tranche of its private placement without broker ("Offer") Common shares (the"stock") Priced at $ 0.52 the stock, for a total gross proceeds of about $ 437,171. In addition to the closing of the first tranche previously announced by the Company on December 21, 2018, the Company received total gross proceeds of approximately $ 2 million. The proceeds of the Offering will be used by Granite for general working capital purposes. Completion of the Offering is conditional upon the Corporation receiving all necessary regulatory approvals, including the final approval of the Toronto Stock Exchange placement.

Contact information

For more information, please contact Michael Kabanuk, President and Chief Executive Officer, at (587) 349-9123, Devon Griffiths, Chief Operating Officer, at (587) 349-9120 or Tyler Klatt , vice-president. Exploration, by phone at (587) 349-9125.

Notice to readers

Forward-looking statements. Certain statements in this press release may constitute forward-looking statements or information (collectively, "forward-looking statements" or "statements"). These statements relate to future events or the future performance of Granite. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of terms such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "Will", "project", "predict", "potential", "targeting", "intent", "may", "could", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, this press release contains forward-looking statements with respect to expectations and badumptions regarding the timing of receipt of required regulatory approval and the use of the proceeds of the Offering.

While Granite believes that the expectations and badumptions upon which the forward-looking statements are based are reasonable, such statements should not be unduly relied upon as they can give no badurance that they will prove to be accurate. Readers are cautioned that the badumptions used in the preparation of such statements, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Forward-looking statements speak only as of the date hereof. The Company badumes no obligation to publicly disclose any changes to the forward-looking statements contained herein to reflect events or circumstances that occur after the date of this document or to reflect the occurrence of unexpected events, except as permitted by law. applicable securities require it.