News releasePetro Vista arranges $2.35-million private placement
Ticker Symbol: C:PTV
Petro Vista arranges $2.35-million private placement
Petro Vista Energy Corp (C:PTV)
Shares Issued 120,213,374
Last Close 3/8/2011
.235
Wednesday March 09 2011 - News Release
Mr. Keith Hill reports
PETRO VISTA UNDERTAKES UP TO C$2.35M PRIVATE PLACEMENT
Petro Vista Energy Corp. intends to carry out a non-brokered private placement of up to 11.75 million units at a price of 20 cents per unit for gross proceeds to the company of up to $2.35-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 C
.30 per common share for a period of 3 years from the date of issue, subject to the Company's right to accelerate the expiry date of the warrants if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds
.45 for a period of 10 consecutive trading days during the term of the warrant, commencing four months after the date the warrants are issued.
The proceeds of the Offering will be used by the Company primarily to fund the costs associated with the drilling of the Company's M5B exploration / appraisal well in the Llanos Basin, Colombia.
The Company will pay finder's fee in respect of the private placement consisting of the issue of units equal to 6% of the number of units issued under the Offering. Each unit will have the same terms as those issued under the Offering. Additionally, the Company will issue compensation warrants equal to 6% of the number of units issued under the Offering. Each compensation warrant will entitle the holder to acquire one common share at a price of C
.235 per common share for a period of 2 years from the date of issue.
All securities issued under the Offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws.
Closing of this Offering is subject to the receipt of all necessary regulatory approvals including that of the TSX Venture Exchange.
We seek Safe Harbor.
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