Petrodorado to Complete $1,000,000 Private Placement April 25, 2017
Calgary, Alberta (FSCwire) - Petrodorado Energy Ltd. ("Petrodorado" or the "Company") (TSXV-PDQ) is pleased to announce that it will conduct a non-brokered private placement of up to 13,333,333 units (each, a "Unit") at a price of $0.075 per Unit, for gross proceeds of up to $1,000,000. Each Unit will consist of one common share and one-half-of-one common share purchase warrant, each full warrant entitling the holder to acquire an additional common share at a price of $0.15 per share for a period of sixty months.
All securities issued in connection with the private placement will be subject to a four-month-and-one-day statutory hold period. Completion of the private placement remains subject to the approval of the TSX Venture Exchange.
The Company also announces that its board of directors has initiated a review of potential strategic acquisition opportunities for the Company. To commence that review, the Company has signed a letter of intent with Western Atlas Resources Inc. ("Western Atlas") in order to evaluate the existing assets of Western Atlas. Western Atlas is a privately held mineral exploration company based in British Columbia, and holds the rights to a package of mineral claims located in Nunavut, Canada.
Readers are cautioned that the letter of intent entered into with Western Atlas does not set forth the terms of a potential transaction nor have such terms been negotiated or finalized. Completion of any transaction with Western Atlas is subject to a number of conditions, including but not limited to, completion of due diligence, negotiation of definitive agreements in respect of such a transaction, the availability of financing on terms acceptable to the Company, and receipt of any required regulatory and shareholder approvals. A transaction cannot be completed until these conditions are satisfied, and there can be no assurance that a transaction will be completed at all.
Read more at https://www.stockhouse.com/news/press-releases/2017/04/25/petrodorado-to-complete-1-000-000-private-placement-and-initiate-strategic#KFuOmYoDwOMteMwX.99