Petra Appoints New Board Members, Agrees to Transfer of Shares Within Escrow and Announces Private Placement
22 Diciembre 2009 - 12:18PM
Marketwired
Petra Petroleum Inc. (the "Company" or "Petra" TSXV: PTL) is
pleased to announce that Michael Atkinson and Narinder Nagra were
elected, along with previous incumbents Eric Boehnke and William
McCartney, to the Company's board of directors at its Annual
General Meeting held this morning. Mr. Atkinson was also appointed
President and Chief Executive Officer.
Michael Atkinson is a self employed business consultant. He is
presently a director of Canadian Phoenix Resources Corp. and Kobex
Minerals Inc.
Narinder Nagra, Certified General Accountant, is the Senior Vice
President of Quest Capital Corp., a mortgage investment
corporation, and Chief Financial Officer of Ionic Capital Corp., a
private loan and investment company, and Ionic Securities Ltd., a
private corporate finance and investment company.
Mr. Atkinson and Mr. Nagra have entered into agreements to
purchase 3,222,400 and 2,661,000 previously issued escrowed common
shares, respectively, from current and former principals of the
Company. Such agreements are subject to the approval of the TSX
Venture Exchange. Upon closing, Mr. Atkinson will own approximately
12.3% and Mr. Nagra 10.2% of the issued and outstanding common
shares of the Company.
The Company would like to thank former directors Larry Keller
and Chadwick Wasilenkoff for their years of service to the
Company.
The Company is also pleased to announce a non-brokered private
placement of up to 10,000,000 units at a purchase price of $0.12
each for aggregate proceeds of $1,200,000. Each unit will consist
of one common share and one share purchase warrant. Each warrant
will entitle the holder to purchase one additional common share of
the Company at $0.20 for a period of two years. The common shares
issued and the common shares underlying the warrants will be
subject to a four month hold period. The funds will be used for
general working capital purposes. The Company may pay a finder's
fee equal to 7.5% of the private placement proceeds in cash and
warrants equal to 7.5% of the units issued. The private placement
is subject to the approval of the TSX Venture Exchange.
ON BEHALF OF PETRA PETROLEUM INC.
Michael Atkinson, President
Contacts: Petra Petroleum Inc. Michael Atkinson President (604)
689-1428 matkinson@ionicmail.com www.petrapetro.com
(TSXV:PTL)
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