Pétrolia closes $940,000 private placement

CPE News

Québec City (pcJ News Briefs) – Pétrolia Inc. (TSX-V: PEA) has completed a non-brokered private placement of 5,222,223 “flow-through” shares at a price of $0.18 per FT share for gross proceeds of $940,000.14.

Proceeds will be used to incur Canadian exploration expenses on Pétrolia’s properties located in Quebec and such exploration expenses will be fully incurred on or before December 31, 2018 in accordance with company’s undertakings to the subscribers of this private placement.

Marquest Capital Markets received finder’s fees equal to 6% of the gross proceeds of the private placement that were raised from purchasers of “flow-through” that they introduced.

As a result of this issuance of securities, Pétrolia has 108,399,683 common shares issued and outstanding.

Pétrolia is a Quebec junior oil and gas exploration company which owns interests in oil and gas licenses covering 16,000 km², which represents almost 23% of the Québec territory under lease. Through its subsidiary, Investissements PEA Inc., Pétrolia holds a 21.7% interest in Anticosti Hydrocarbons L.P., and Pétrolia’s subsidiary, Pétrolia Anticosti Inc., is the operator of the project on Anticosti Island.

photo credit: Petrolia