Pan Orient Completes Private Placement
Pan Orient Energy has closed its previously announced financing. The company issued, by way of a non-brokered private placement, 1.5 million common shares at $4.25 per share, for gross proceeds of $6,375,000 ($6,056,250 net of finders fee paid). The common shares issued are subject to a four-month hold period.
The net proceeds from the offering will be used by Pan Orient to accelerate exploration on the Company's 100% owned concession L53/48, located onshore Thailand, and new venture opportunities in Thailand, India and Indonesia.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand and in Western Canada.
The common shares of Pan Orient have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S." Securities Act") or any state securities laws and may not be offered or sold in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. The common shares may also be offered on a private placement basis to institutional investors in the United Kingdom.
41,634,842 common shares issued
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