PETROFORTE CLOSES SECOND TRANCHE OF NON-BROKERED PRIVATE PLA
Petroforte Int'l closes $1.09-million final tranche
2013-10-01 12:39 ET - News Release
Mr. Allan King reports
PETROFORTE CLOSES SECOND TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
Further to its initial news release dated Aug. 21, 2013, Petroforte International Ltd. has closed the second (and final) tranche of a non-brokered private placement announced on Sept. 17, 2013.
In connection with closing the second tranche of the offering, the corporation has issued 15,356,727 units and 5,377,727 flow-through common shares at five cents and six cents, respectively, for gross proceeds of $1,090,500. Each unit consists of one common share and one-half of a common share purchase warrant. Each whole common share purchase warrant entitles the holder thereof to purchase one common share of the corporation at 10 cents per share for a period of two years from the date of issuance of the warrant.
In total, the corporation raised gross proceeds from the offering of $3.81-million through the issuance of 56,443,090 units and 16,464,090 flow-through common shares at six cents and five cents, respectively. The proceeds from the offering will be used to work the corporation's interest at Brazeau River (see press release dated Aug. 8, 2013) and for general corporate purposes. As well, Petroforte has used the proceeds to acquire the debt of a private company from a financial institution and has had a receiver appointed by the courts under the security agreement. The assets of the private company are now under the control of the receiver.
All securities issued in connection with the offering are subject to a four-month hold period.
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