Petro Vista Energy intends to carry out a non-brokered private placement of up to 17,500,000 units at a price of C$0.20 per unit for gross proceeds to the Company of up to C$3,500,000. Each unit will consist of one common share and one common share purchase warrant.
Each common share purchase warrant will entitle the holder to purchase one additional common share at a price of C$0.30 per common share for a period of 2 years from the date of issue.
The proceeds of the private placement will be used by the Company for general working capital and to fund the costs that may be associated with the completion of the Tartaruga sidetrack development well being drilled in the Taratruga Oil Field, in Brazil, in which the Company holds a 35% participating interest.
The Company may pay a finder's fee in respect of the private placement.
The completion of the private placement is subject to the acceptance of the TSX Venture Exchange.
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