Proceeds to fund exploration programs on properties in Quebec
New York, Sept. 4 – Petrolia said it closed on a C$2.51 million private placement of flow-through shares.
The company issued 2,949,323 shares at C$0.85 each. The price is a 21.4% premium to the C$0.70 closing stock price on Thursday.
Secutor Capital Management Corp. received a 5% finder’s fee.
Proceeds from the sale will be used for Canadian exploration expenses on the company’s properties in Quebec.
Petrolia said that with the latest funding, it now has C$6 million of cash to fund working capital and its exploration programs.
Petrolia is a Quebec City-based junior oil and gas exploration company.
| Issuer: | Petrolia
|
| Issue: | Flow-through shares
|
| Amount: | C$2,506,924.55
|
| Shares: | 2,949,323
|
| Price: | C$0.85
|
| Warrants: | No
|
| Announcement date: | Sept. 4
|
| Stock symbol: | TSX Venture: PEA
|
| Stock price: | C$0.70 at close Sept. 4
|
| Market capitalization: | C$49.5 million
|
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