Petrocapita Income Trust
CNSX : PCE.UN

Petrocapita Income Trust

June 09, 2016 18:36 ET

Petrocapita Announces Proceeds of $6.975 Million From Debentures

CALGARY, ALBERTA--(Marketwired - June 9, 2016) - Petrocapita Income Trust (CSE:PCE.UN) ("Petrocapita" or the "Trust") announces gross proceeds to date of $1,975,000 from the sale of its 8% secured convertible debentures pursuant to its previously announced private placement offering of these debentures.

Additionally, Petrocapita announces a private placement of a $5,000,000 secured debenture for a targeted acquisition with a maturity date of April 29, 2021 and bearing an interest rate of 12.5% per annum, payable quarterly in arrears.

Details related to the secured convertible debenture closings to date have been filed with the Canadian Securities Exchange (www.theCSE.com).

About Petrocapita

Petrocapita Income Trust is a Specified Investment Flow Through trust developing and acquiring heavy oil production and infrastructure assets in the Lloydminster area of east central Alberta and west central Saskatchewan through its wholly owned subsidiary, Petrocapita Oil and Gas LP. It owns and operates 155 gross (147.4 net) oil wells, 9 produced water disposal facilities, a central oil processing facility, oil well service rigs, fluid haul trucks and trailers, motor graders and well site processing equipment. It is seeking accretive opportunities to acquire both oil production and complimentary midstream assets during a cyclical low in the oil markets.

Contact Information

  • Petrocapita GP I Ltd., as Administrator
    of Petrocapita Income Trust
    Mr. Alex Lemmens, President and Chief Executive Officer, or
    Ms. Janet Stillwell, Investor Relations
    Telephone: (587) 887-1541