Funds reserved for exploring possible green energy projects in Albania
By Marisa Wong
Madison, Wis., Feb. 24 - APIC Petroleum Corp. said it completed a non-brokered private placement of common stock on Friday, raising C$3.2 million.
The company sold 16 million shares at a price of C$0.20 per share. The price per share represents a 4.76% discount to the Feb. 23 closing share price of C$0.21.
Proceeds from the offering will be used to evaluate the Albanian state oil company, Albpetrol Sh. A. The company wants to assess potential green energy projects in Albania with Green Power 2020 SAS, a French development and engineering enterprise. Remaining proceeds will be used for general corporate purposes.
Based in Toronto, APIC acquires oil properties in Eastern Europe.
| Issuer: | APIC Petroleum Corp.
|
| Issue: | Common stock
|
| Amount: | C$3.2 million
|
| Shares: | 16 million
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Settlement date: | Feb. 24
|
| Stock symbol: | TSX Venture: API
|
| Stock price: | C$0.21 at close Feb. 23
|
| Market capitalization: | C$14.28 million
|
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