Petrolia has increased the size of its financing by $2 million (press release dated November 23, 2009) and has closed its private placement totalling $7,129,910 with qualified investors and employees, members of senior management, directors, and consultants. Under this equity investment, Petrolia issued 3,634,245 flow-through common shares at a price of $0.95 per share, 4,326,323 common shares at $0.85 per share, and 2,163,161 warrants.
Each full warrant entitles its holder to purchase one common share at a price of $1.30 per share until December 4, 2011.
As part of this equity investment, cash compensation of $315,809, or 4% of the investment, was paid in broker fees.
These securities will be subject to a four-month holding period until April 5, 2010. Proceeds from the equity investment will be used for exploration work and working capital, in accordance with the company's strategic plan. Most of these funds will be used to develop the Haldimand and Tar Point properties. With this equity investment, the Company now has 48,874,787 shares issued and outstanding.
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