Deal conducted by Marquest, Casimir; proceeds fund exploration
By Devika Patel
Knoxville, Tenn., Dec. 28 - Petrolia Inc. said it settled a C$1.12 million initial tranche of a C$3 million private placement of stock. Marquest Capital Markets and Casimir Capital Ltd. are the co-lead agents for the deal, which priced Dec. 10.
The company is selling 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. It sold 936,550 shares in the first tranche.
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.
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Issue: | Flow-through common shares
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Amount: | C$3 million
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Shares: | 2.5 million
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Price: | C$1.20
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Warrants: | No
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Agent: | Marquest Capital Markets and Casimir Capital Ltd. (co-leads)
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Pricing date: | Dec. 10
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Settlement date: | Dec. 28 (for C$1,123,860)
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Stock symbol: | TSX Venture: PEA
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Stock price: | C$1.00 at close Dec. 7
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Market capitalization: | C$61.31 million
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