Petrolia Closes Private Placement of $3,000,000 with Pilatus Energy
Petrolia has completed its private placement of $3,000,000 announced on October 10, 2007 with Pilatus Energy.
Pursuant to such placement, Petrolia issued to Pilatus Energy 3,000,000 common shares at a price of $1.00 per share and 3,000,000 warrants, each giving the right to subscribe a common share at a price of $1.00 per share for the next 18 months. These securities are subject to a holding period of four months and one day. No finder's fee was paid in connection with the placement.
The proceeds will be used for the development of the Haldimand oil field and the other properties of Petrolia, as well as for its working capital.
Pursuant to this placement, Petrolia now has 34,160,054 issued and outstanding shares.
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