Petro Vista arranges $3.5-million financingPetro Vista arranges $3.5-million financing
2009-12-21 20:08 ET - News Release
Mr. Read Taylor reports
PETRO VISTA TO UNDERTAKE UP TO C$3,500,000 PRIVATE PLACEMENT
Petro Vista Energy Corp. intends to carry out a non-brokered private placement of up to 17.5 million units at a price of 20 cents per unit for gross proceeds to the company of up to $3.5-million. Each unit will consist of one common share and one common share purchase warrant.
Each common share purchase warrant will entitle the holder to purchase one additional common share at a price of 30 cents per common share for a period of two years from the date of issue.
The proceeds of the private placement will be used by the company for general working capital and to finance the costs that may be associated with the completion of the Tartaruga sidetrack development well being drilled in the Taratruga oil field, in Brazil, in which the company holds a 35-per-cent participating interest.
The company may pay a finder's fee in respect of the private placement.
The completion of the private placement is subject to the acceptance of the TSX Venture Exchange.