QUEBEC CITY, QUEBEC--(Marketwired - Sept. 26, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Petrolia (TSX VENTURE:PEA) (the "Company") is pleased to announce that it has held a closing of a non brokered private placement. The Company has issued an aggregate of 1,221,000 "flow-through" shares at a price of $1.15 per share, for gross proceeds of $1,404,150.
In consideration for their services, Secutor Capital Management Corp. received a finder's fee equal to 7% of the gross proceeds of the offering and 14,652 compensation options and Marquest Asset Management Inc. received 34,188 compensation options (collectively, the "Compensation Options"). Each Compensation Option entitles its holder to acquire one common share in the capital of the Company at a price of $1.15 per common share for a period of 12 months from the closing date.
All securities issued pursuant to this private placement are subject to a hold period ending on January 27, 2014.
As a result of the issuance of the securities, the Company has 70,652,372 common shares issued and outstanding.
Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 16,000 km² (4 million acres), which represents about 22% of the Québec territory under lease. The leases, the majority of which are located on the Gaspé Peninsula and Anticosti Island, are considered to be very promising and represent almost 71% of the territory under lease for which there is land-based oil potential in Québec. Pétrolia has 70,652,372 shares issued and outstanding.
Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Pétrolia and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications o statements made by Pétrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Pétrolia does not intend and undertakes no obligation to update these forward-looking statements.
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.