3P International Energy Corp.
TSX VENTURE : DOH

3P International Energy Corp.

September 28, 2010 07:00 ET

3P International Energy Corp. Completes $5 Million Financing and Obtains Shareholder Approval of New Control Person

TORONTO, ONTARIO--(Marketwire - Sept. 28, 2010) - 3P International Energy Corp. (the "Corporation" or "3P") (TSX VENTURE:DOH) is pleased to announce it has obtained the consent of a majority of its shareholders to complete its previously announced non-brokered private placement offering (the "Offering") of units and to create a new "Control Person" (as defined in the rules and policies of the TSX Venture Exchange (the "TSX-V")).

The Offering raised a total of $5,008,750 through the issuance of 20,035,000 units ("Units") at a price of $0.25 per Unit. Each Unit is comprised of one common share (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"), each Warrant exercisable for 24 months from the date of issuance at a price of $0.70. The portion of subscription funds that will create new insiders of 3P, being $1,852,912.50, will be held in trust pending receipt of further documentation required by the TSX-V.

Pursuant to the Offering, the Corporation has agreed to issue BTR Accelerator Fund Limited (the "Fund") 10,000,000 Units. Salida Capital LP acts as investment advisor to the Fund. The Fund will own 30.1% of the issued and outstanding Common Shares on a non-diluted basis and 37.5% of the issued and outstanding Common shares on a diluted basis.

The proceeds of the Offering will be used primarily for the development of 3P's Ukrainian energy assets, the evaluation of additional opportunities in that country and general working capital purposes.

About 3P International Energy Corp.

3P International Energy Corp. is actively seeking international energy opportunities which meet its business model criteria of discovered but undeveloped known shallow reserves in politically and business friendly climates, which can be exploited using conventional and unconventional drilling, completion and reservoir technologies.

On behalf of the Board of Directors

David Kahn, Chairman and CEO

Neither the 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.

Contact Information