New Issue: PetroGlobe takes in C$1.58 million through private placement of stock

By Devika Patel

Knoxville, Tenn., March 16 - PetroGlobe Inc. said it raised C$1.58 million in the first tranche of a private placement of stock. The deal priced for C$1.82 million on March 2. Burgeonvest-Bick Securities Ltd. is marketing the stock on a best-efforts basis.

The company sold 2,125,000 common shares at C$0.28 each for C$595,000 and 2,740,389 flow-through common shares at C$0.36 apiece for C$986,540. It will issue an additional 835,000 flow through common shares for C$300,600 on March 24, which will bring the total proceeds to C$1.88 million.

Proceeds will be used for exploration.

PetroGlobe is an oil and natural gas exploration company based in Calgary, Alta.

Issuer:	PetroGlobe Inc.
Issue:	Common shares, flow-through common shares
Amount:	C$1,882,140
Warrants:	No
Agent:	Burgeonvest-Bick Securities Ltd.
Pricing date:	March 2
Settlement date:	March 16 (for C$1,581,540), March 24 (for C$300,600)
Stock symbol:	TSX Venture: PGB
Stock price:	C$0.30 at close March 1
Market capitalization:	C$12.4 million
Common shares
Amount:	C$595,000
Shares:	2,125,000
Price:	C$0.28
Flow-through shares
Amount:	C$1,287,140
Shares:	3,575,389
Price:	C$0.36

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