Petrolia Inc. Closes a Private Placement
QUEBEC CITY, QUEBEC--(Marketwired - Nov 4, 2015) - Pétrolia Inc. (TSX VENTURE:PEA) (the "Corporation" or "Pétrolia") is pleased to announce that it has closed a private placement. The Corporation has issued an aggregate of 3,825,000 "flow-through" shares at a price of $0.40 per share for gross proceeds of $1,530,000. The proceeds of this private placement will be used by the Corporation to incur Canadian exploration expenses on the Corporation's properties located in the province of Quebec, including the Bourque property.
As consideration for the services rendered to complete this private placement, Marquest Capital Markets, a division of Marquest Asset Management Inc., and Secutor Capital Management Corporation received a cash finder's fee equal to 6% of the gross proceeds of the offering.
Securities issued further to these private placements are subject to a hold period ending on March 5, 2016.
As a result of the issuance of these securities, the Corporation has 84,170,195 common shares issued and outstanding.
Pursuant to the agreements negotiated in connection with the announcement made on September 1, 2015 (see this press release), Pétrolia will contribute $1,350,000 to the first phase of the resource confirmation program on the Bourque property via a joint venture (the "Joint Venture") to be formed by Pétrolia, TUGLIQ Energy Corporation ("TUGLIQ Energy") and Ressources Québec Inc. ("Ressources Québec"). This amount will be funded by the above-mentioned private placement. The finalization of the agreements with TUGLIQ Energy and Ressources Québec is expected in the coming days. These agreements will allow the closing of the financing of the first phase, of which $1,350,000 will be provided by TUGLIQ Energy by way of an investment in the Joint Venture and $3,800,000 will be provided by Ressources Québec by way of an investment in the share capital of Pétrolia and/or in the Joint Venture.
About Pétrolia
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 almost 23% of the Québec territory under lease. The closing of a partnership on Anticosti Island has led to the creation of Anticosti Hydrocarbons L.P., a limited partnership in which Pétrolia holds a 21.7% interest. In order to carry out the project's operations, Pétrolia Anticosti Inc., a subsidiary of Pétrolia, was designated project operator. Pétrolia is a Quebec company whose objective is to develop oil from here, by the people here, for here. Pétrolia has 84,170,195 shares issued and outstanding.
Forward-looking statements
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 or 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.
Contact
For further information:
Alexandre Gagnon
President and Chief Executive Officer
418-657-1966
agagnon@petrolia-inc.com
http://www.petrolia-inc.com
For interviews:
Jean-Francois Belleau
Director of Public and Government Affairs
418-657-1966
jfbelleau@petrolia-inc.com
http://www.petrolia-inc.com
