Non-brokered sale of flow-through shares will fund exploration
By Angela McDaniels
Tacoma, Wash., March 16 – Petrolia Inc. issued 2,728,500 flow-through shares for a total of C$2.18 million in a non-brokered private placement, according to a company news release.
The company said it may complete a second tranche of the placement by March 20, bringing the total issuance for both tranches to a maximum of 3,437,500 shares for total maximum gross proceeds of C$2.75 million.
The price per share is C$0.80, which is a 9.59% premium to C$0.73, the Feb. 25 closing share price, and a 40.23% premium to C$0.5705, the volume-weighted average price of the shares for the 20 consecutive trading days preceding pricing.
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$2,182,800
|
| Shares: | 2,728,500
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| Price: | C$0.80
|
| Warrants: | No
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| Agent: | Non-brokered
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| 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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