Pantera Petroleum, Inc. has entered into an equity financing agreement with FTS Financial Investments Ltd. based in Zurich, Switzerland, whereby FTS Financial Investments Ltd. ("FTS") will invest up to $10 million into Pantera Petroleum.
Pursuant to the agreement, FTS is purchasing private placement units at $1.00 per unit. Each unit consists of one common share and one warrant. Each warrant will permit the purchase of one common share at a price of $1.50 if exercised within one year of issuance, $2.00 if exercised within the second year of issuance, and $2.50 if exercised within the third year of issuance. All shares issued to FTS will be restricted securities without registration rights.
Returning from his most recent inspection of Pantera's concessions in Paraguay, Chris Metcalf, President and CEO of Pantera, states, "With this equity financing in place, Pantera Petroleum will continue to expand its exploration activities within the Chaco Basin. We are very excited to have the institutional backing and trust of FTS on our side."
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