TORONTO, March 02, 2021 (GLOBE NEWSWIRE) — Decklar Resources Inc. (DKL-TSX Venture) (the “Company” or “Decklar”) is pleased to announce that it has completed a first closing of the Company’s previously announced private placement financing for a total of CAD $3,995,600. Funds from this financing will be used to immediately advance operational activities to re-enter the Oza-1 well at the Oza Oil Field in Nigeria and for general corporate purposes. Funds from this private placement are expected to be sufficient to re-enter the Oza-1 well and to re-establish oil production at the Oza Oil Field through the Company’s wholly-owned Nigeria-based subsidiary, Decklar Petroleum Limited.

First Closing of Private Placement of Common Shares

The Company has arranged a private placement in which approximately 17.9 million Decklar common shares will be issued at a price of CAD $0.28 per share for total gross proceeds of approximately CAD $5,000,000. The common shares to be issued as a result of this private placement will be subject to a four-month trading restriction. The initial closing of the private placement has been completed whereby 14,270,000 common shares were issued at a price of CAD $0.28 per share for total gross proceeds of CAD $3,995,600. After issuance of the common shares from the first closing of the private placement (including the common shares issued as finder’s fees described below), the Company will have total outstanding shares of 68,979,773. A second closing …

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