Petro Vista Closes Private Placement
Petro Vista Energy has completed a C$3,330,000 non-brokered private placement announced on December 21, 2009. The placement consisted of the sale of 16,650,000 units ("Units") at a price of $0.20 per unit. Each unit consists of one common share and one common share purchase warrant.
Each common share purchase warrant is exercisable to purchase one additional common share at a price of C$0.30 per common share until January 12, 2012.
Petro Vista paid commissions to finders under the placement consisting of aggregate cash commissions of C$78,000 and the issue of an aggregate of 390,000 finder's warrants. Each finder's warrant entitles the holder to purchase one common share of Petro Vista at a price of C$0.20 per common share until January 12, 2012.
All securities issued in connection with this private placement are subject to a hold period in Canada that expires on May 12, 2010.
The proceeds of the private placement will be used by the Company for general working capital and to fund the Company's exploration programs including the completion of the development well being drilled its Tartaruga Block, offshore Brazil.
Prior to the transaction, one of the purchasers, Libra Fund LP ("Libra"), had no beneficial ownership or control over common shares of the Company. After giving effect to the transaction, Libra beneficially owns or controls will beneficially own or control a total of 8,500,000 common shares of the Company and 8,500,000 share purchase warrants, representing approximately 7.9% of the Company's then issued and outstanding shares on a non-diluted basis or 13.6% of the Company's issued shares calculated on a partially diluted basis assuming the exercise of Libra's warrants.
Libra acquired the Units for investment purposes and has no present intention to acquire further securities of the Company, although it may in the future acquire or dispose of securities of the Company through the market, privately or otherwise, as circumstances and market conditions warrant.
- Petro Vista Finalizes Stake in Colombia Block (Feb 07)
- Petro Vista Sells Stake in Morichito Block (Dec 08)
- Petro Vista Commences Testing at Morichito Discovery (Aug 03)