Pacific Stratus Energy Closes $85 Million Financing
Upon closing of the acquisition of Sipetrol, each common share subscription receipt will automatically convert into one common share of Pacific Stratus and each unit subscription receipt will automatically convert into one $1,000 principal amount senior unsecured note and 100 warrants. If closing of the acquisition does not occur on or before July 31, 2006 or Pacific Stratus, prior to July 31, 2006, announces that the acquisition will not be closing, Pacific Stratus will repay to holders of common share subscription receipts and unit subscription receipts their original subscription price.
Pacific Stratus Energy is an oil and gas company with interests in the Doima block and Ortega-Pacande oil fields, as well as in the La Creciente, Moriche and Puli-B exploration blocks in Colombia. The company is focused on identifying acquisition opportunities primarily within the upstream Sub Andean basins, initially in Colombia. The company has offices in Toronto, Caracas and Bogotá.
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