Finance & Investing | Capital Markets
Petrolia Initiates Private Placement of Flow-Through Shares
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Petrolia 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. 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.
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