Calgary (pcJ News Briefs) – Pennine Petroleum Corporation (TSX-V: PNN) is undertaking a non-brokered private placement of up to 50,000,000 units at $0.06 per unit for proceeds of $3,000,000.
Each unit consists of one common share and one common share purchase warrant with an exercise price of $0.10 for a period of one year from closing.
Proceeds will help Pennine move its exploration and production activities forward in Albania’s Velca Block, following the finalization on Feb. 14, 2017 of a Production Sharing Agreement with Albpetrol, the national oil company of Albania.
“We are extremely excited to continue to advance activities on the Velca Block in Albania, as well as our domestic activities. Ultimately, these activities will play a major role in expanding our production footprint on two continents,” said Pennine Chief Executive Officer N. Desmond Smith.
Pennine Petroleum Corporation is an emerging oil and gas exploration and development company currently active in Albania, and the Canadian provinces of Alberta and Saskatchewan.
photo credit: Pennine Petroleum