Primeline Energy Holdings Inc.
TSX VENTURE : PEH

Primeline Energy Holdings Inc.

February 16, 2016 11:15 ET

Primeline Energy Issues 3,140,775 Shares to GRF

HONG KONG, CHINA--(Marketwired - Feb. 16, 2016) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES, OR DISSEMINATION IN THE UNITED STATES.

Primeline Energy Holdings Inc. ("Primeline" or the "Company") (TSX VENTURE:PEH) today announced it will issue 3,140,775 new Ordinary Shares of Primeline ("Shares") to GRF Prime Limited ("GRF").

The Shares are payment for the US$376,000 Share Finder's Fee on US$10,000,000 principal amount Tranche A Convertible Bonds and US$8,000,000 principal amount Tranche B Convertible Bonds issued on August 14 and November 10 respectively to GRF. GRF is a resources fund managed by GEMS Investment Management Limited of Hong Kong.

The Shares will be issued at a deemed price of CAD$0.16 per share, being the weighted average trading price of the common shares on the TSX.V for the 15 days immediately preceding the December 5 payment date.

Upon completion of the issue, GRF will own 4,033,303 shares, representing approximately 2.2% of the Company's 182,712,932 shares issued and outstanding.

About Primeline Energy Holdings Inc.

Primeline is an exploration and production company focusing exclusively on China's natural resources to become a major supplier of gas and oil to the East China market. Primeline has a 100% Contractor's interest in, and is the operator of, the petroleum contract with CNOOC for Block 33/07 (5,877sq km) and a 49% interest in the producing LS36-1 gas field in Block 25/34, together with CNOOC (51% interest and acting as Operator). Both blocks are located in the East China Sea. LS36-1 has been in production since July 2014. Shares of Primeline are listed for trading on the TSX Venture Exchange under the symbol PEH.

ON BEHALF OF PRIMELINE ENERGY HOLDINGS INC.

Ming Wang, Chief Executive Officer

Please visit the Company's website at www.pehi.com. Should you wish to receive Company news via email, please email john@chfir.com and specify "Primeline Energy" in the subject line.

Forward-Looking Statements

Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Primeline. Although these statements are based on assumptions management believes to be reasonable, actual results may vary from those anticipated in such 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.

Contact Information

  • Primeline Energy Holdings Inc.
    Dr. Ming Wang
    CEO
    +44 207.499.8888 or Toll Free: +1 877.818.0688
    +44 207.499.2288 (FAX)
    IR@pehi.com

    CHF Investor Relations
    Cathy Hume
    CEO
    Toll Free: +1.877.838.1079 x231
    cathy@chfir.com

    VSA Capital Limited
    Andrew Raca
    Head of Corporate Finance
    +44 203.005.5000
    ARaca@vsacapital.com