Deal conducted by Marquest, Casimir; proceeds fund exploration
By Devika Patel
Knoxville, Tenn., Dec. 10 - Petrolia Inc. said it plans a C$3 million private placement of stock. Marquest Capital Markets and Casimir Capital Ltd. are the co-lead agents.
The company will sell 2.5 million flow-through common shares at C$1.20 apiece, a 20% premium to the Dec. 7 closing share price of C$1.00.
Settlement is expected Dec. 21.
Proceeds will be used for exploration and to conduct extended production tests on the Bourque property.
Petrolia is an oil and gas company based in Rimouski, Quebec.
| Issuer: | Petrolia Inc.
|
| Issue: | Flow-through common shares
|
| Amount: | C$3 million
|
| Shares: | 2.5 million
|
| Price: | C$1.20
|
| Warrants: | No
|
| Agent: | Marquest Capital Markets and Casimir Capital Ltd. (co-leads)
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 21
|
| Stock symbol: | TSX Venture: PEA
|
| Stock price: | C$1.00 at close Dec. 7
|
| Market capitalization: | C$67.31 million
|
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