Pacific Asia Petroleum Raises $17.5MM in Direct Offering

Pacific Asia Petroleum has completed its previously announced registered direct offering, raising an aggregate amount of $17.5 million, before deducting placement agent fees and offering expenses.

In the offering, an aggregate of 4,146,922 shares of the Company’s common stock, a series of warrants to purchase up to an aggregate of 1,658,769 additional shares of common stock (the "Series C Warrants"), and a second series of warrants to purchase up to an aggregate of 1,658,769 additional shares of common stock (the "Series D Warrants"), were sold to certain institutional investors. The Series C Warrants are exercisable at an exercise price of $4.50 per share, effective immediately within 42 months after the closing, and the Series D Warrants are exercisable at an exercise price of $4.12 per share, effective immediately until December 5, 2010.

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