GREY:PTGBF - Post by User
Post by
shotskion Mar 02, 2010 2:03pm
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Post# 16834405
private placement news
private placement newsCALGARY, ALBERTA--(Marketwire - March 2, 2010) - PetroGlobe Inc. ("PetroGlobe" or the "Corporation") (TSX VENTURE:PGB) announced today that it plans to raise, by way of a brokered private placement, up to $1,820,000 through the issuance of 2,000,000 Common Shares and 3,500,000 Flow Through Common Shares at
.28 per Common Share and
.36 per Flow Through Common Share. The placement is expected to close March 10, 2010 and is subject to the receipt of necessary regulatory approvals. The common shares will be subject to a four-month hold period from the date of closing.
PetroGlobe has agreed to pay a finder's fee to brokers or other third parties equal to 6% of the gross proceeds realized from sales made to purchasers referred to the Corporation by the finders and will also issue warrants to the finders equal in value on exercise to 6% of those gross proceeds. The warrants will have an exercise price of
.28 and expire on March 10, 2011. The Corporation has retained Burgeonvest-Bick Securities Limited to assist in marketing the offering on a best efforts basis.
PetroGlobe will use the net proceeds for qualifying exploration expenditures in Alberta Canada.
ABOUT PETROGLOBE INC.