Petro Completes $8.7 Million Private Placement
Petro Resources, an independent exploration and production company, announced that it has completed the sale of its common stock and warrants to certain institutional and accredited private investors for gross proceeds of $8,715,000. The net proceeds are expected to be used to establish a presence in the Gulf of Mexico, for lease acquisition, and general working capital.
"The completion of this financing marks another important milestone for Petro Resources," remarked Wayne Hall, the company's CEO. "This additional capital will allow us to grow by establishing our initial presence in the Gulf of Mexico and by funding our onshore lease acquisition strategy."
Petro said that it sold a total of 871,500 units at $10 per unit. Each unit consists of four shares of common stock and one warrant to purchase one share of common stock, over a five-year period, at an exercise price of $3 per share. The exercise price of the warrants is not subject to adjustment, except for standard anti-dilution relating stock splits, combinations, and the like. The company has agreed to file a registration statement to register the shares of common stock made part of the units, including the shares underlying the warrants.
Energy Capital Solutions of Dallas represented Petro as exclusive placement agent.
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Company: Energy Capital Solutions more info
- Petro Completes $8.7 Million Private Placement (Mar 16)