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Petro Resources Corporation Files SB-2 Registration Statement for Common Stock Offering
| Source: Petro Resources Corporation
HOUSTON, TX--(Marketwire - October 9, 2007) - Petro Resources Corporation (AMEX : PRC ) today
announced its intention to publicly offer $35 million of its common stock,
subject to market conditions, pursuant to an SB-2 Registration Statement
that it has filed with the U.S. Securities and Exchange Commission. Petro
Resources will grant the underwriters of the offering a 30-day option to
purchase up to an additional 15% of the shares sold in the offering at the
public offering price less the underwriting discount. Petro Resources is
undertaking the offering to facilitate repayment of debt, to fund a portion
of its capital expenditures budget and for general corporate uses. Members
of management and Board of Directors will not sell shares in the offering.
Canaccord Adams Inc., Pritchard Capital Partners, LLC and Scarsdale
Equities are the underwriters of the offering.
The registration statement relating to the common stock has been filed with
the Securities and Exchange Commission, but has not yet become effective.
The common stock may not be sold nor may offers to buy be accepted prior to
the time the registration statement becomes effective. This press release
shall not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of the common stock in any state in which
such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. The offering is
being made only by means of a prospectus. Before you invest, you should
read the prospectus in the registration statement for more complete
information about Petro Resources Corporation and the offering. You may
obtain a copy of these documents by visiting the SEC web site at
www.sec.gov. A copy of the prospectus relating to the offering may be
obtained from Canaccord Adams Inc. at 99 High Street, 11th Floor, Boston,
Massachusetts 02110, Telephone: (617) 371-3900.
About Petro Resources
Petro Resources Corporation is an independent oil and natural gas company
engaged in the acquisition, exploration, development, and exploitation of
properties located in the continental United States.