Petra Petroleum Inc.
TSX VENTURE : PTL

Petra Petroleum Inc.

February 05, 2010 16:05 ET

Petra Petroleum Inc. Completes Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 5, 2010) - 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.

Contact Information

  • Petra Petroleum Inc.
    Michael Atkinson
    (604) 689-1428