Under the terms of this investment, Petrolia issued 1,750,000 common shares at a price of $1.00 per share and 1,750,000 warrants, each giving the right to subscribe a common share at a price of $1.00 per share for the next 18 months. These securities are subject to a holding period of four months and one day. Broker fees of $42,000 were paid as part of the investment.
The investment income will be used for the development of the Haldimand oilfield, its properties, as well as its working capital.
With this investment, the Company now has 30,958,252 issued shares.
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