Petro Vista completed the first tranche of its non-brokered private placement announced on June 19, 2009. The placement consisted of the sale of 7,566,933 units at a price of $0.12 per unit for gross proceeds to the Company of C$908,032. Each unit consists of one common share and one common share purchase warrant.
Each common share purchase warrant is exercisable to purchase one additional common share at a price of C$0.15 per common share until July 3, 2011, subject to the Company's right to accelerate the exercise of the common share purchase warrant if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds C$0.25 per common share for a period of 20 consecutive trading days between November 4, 2009 and July 3, 2011.
Petro Vista paid commissions to finders under the placement consisting of aggregate cash commissions of C$34,230 and the issue of an aggregate of 285,249 finder's warrants. Each finder's warrant entitles the holder to purchase one common share of Petro Vista at a price of C$0.15 per common share until July 3, 2011.
All securities issued in connection with this private placement are subject to a hold period in Canada that expires on November 4, 2009.
The proceeds of the private placement will be used by the Company for general working capital and to fund the Company's work program on its 4 well La Maye Project in the Magdalena Basin, Colombia, that is expected to commence in late August 2009.
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