By Devika Patel
Knoxville, Tenn., Oct. 31 - Petrolia Inc. said it has completed a private placement of shares with five Luxembourg investors for C$17.5 million.
The company sold 17.5 million common shares at C$1.00 apiece.
The investors also receive warrants for 1.75 million shares, exercisable at C$1.00 per share for 18 months.
The securities have a four-month hold period.
Proceeds will be used for development of the company's Haldimand oil field and for working capital.
Petrolia is an oil and gas company based in Rimouski, Quebec.
| Issuer: | Petrolia Inc.
|
| Issue: | Common shares
|
| Amount: | C$17.5 million
|
| Shares: | 17.5 million
|
| Price: | C$1.00
|
| Warrants: | For 1.75 million shares
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.00
|
| Settlement date: | Oct. 31
|
| Stock symbol: | TSX Venture: PEA
|
| Stock price: | C$0.49 at close on Oct. 30
|
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