Petra Petroleum Inc. Completes Private Placement Financing
05 Febrero 2010 - 3:05PM
Marketwired
Petra Petroleum Inc. (TSX VENTURE: PTL) ("the Company") is pleased
to announce that it has completed a previously announced
non-brokered private placement (the "Offering") of 10 million units
("Units") at a price of $0.12 per Unit for total proceeds of
$1,200,000. Each Unit consists of one common share (a "Common
Share") and one share purchase warrant (a "Warrant") of the
Company. Each Warrant entitles the holder thereof to purchase one
additional Common Share of the Company at an exercise price of
$0.20 each for a period of two years from the date of issue. The
Warrants will expire on February 4, 2012.
The proceeds from the Offering will be used for property
development, future acquisitions and general working capital
purposes. The Company paid finders' fees of a total of $67,950 and
issued 566,250 warrants having the same terms as the Warrants
issued under the Offering.
The common shares issued and issuable pursuant to the Offering
will be subject to restrictions on their transfer for a period of
four months from the date of their issue.
ON BEHALF OF PETRA PETROLEUM INC.
Michael Atkinson, President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Petra Petroleum Inc. Michael Atkinson (604)
689-1428
(TSXV:PTL)
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