Non-brokered sale of 3,437,500 flow-through shares to fund exploration
By Devika Patel
Knoxville, Tenn., Feb. 26 – Petrolia Inc. said it will conduct a C$2.75 million non-brokered private placement of stock.
The company will sell 3,437,500 flow-through shares at C$0.80 apiece. The price per share is a 9.59% premium to C$0.73, the Feb. 25 closing share price and is also a 40.23% premium to C$0.5705, the volume-weighted average price of the shares for the 20 consecutive preceding trading days, the company said in a press release.
Settlement is expected March 13.
Marquest Capital Markets and Secutor Capital Management Corp. will be paid a 6% finder's fee.
Proceeds will be used for exploration.
Petrolia is a Quebec City-based junior oil and gas exploration company.
| Issuer: | Petrolia Inc.
|
| Issue: | Flow-through shares
|
| Amount: | C$2.75 million
|
| Shares: | 3,437,500
|
| Price: | C$0.80
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 13
|
| Stock symbol: | TSX Venture: PEA
|
| Stock price: | C$0.73 at close Feb. 25
|
| Market capitalization: | C$50.16 million
|
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