News releasePetro Vista boosts private placement to $4-million
Ticker Symbol: C:PTV
Petro Vista boosts private placement to $4-million
Petro Vista Energy Corp (C:PTV)
Shares Issued 122,480,708
Last Close 3/15/2011
.235
Wednesday March 16 2011 - News Release
Mr. Keith Hill reports
PETRO VISTA INCREASES PRIVATE PLACEMENT TO C$4.0M
Petro Vista Energy Corp. has increased the non-brokered private placement originally announced in Stockwatch on March 9, 2011, from 11.75 million units to up to 20 million units at a price of 20 cents per unit for total gross proceeds of up to $4-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 three 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 cents 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 finance the drilling of the company's M5B exploration/appraisal well and the testing of the company's M5 discovery well, both located in the Llanos basin, Colombia, and for general working capital.
The company will pay finder's fee in respect of the private placement consisting of the issue of units equal to 6 per cent 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 per cent 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 23.5 cents per common share for a period of two 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.
© 2011 Canjex Publishing Ltd.
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There will also be an additional debt financing, bank loan (kind of line of credit) for $6 million.
In a nutshell, by the end of 2011 PTV will be producing, net to the company, minimum of about 1.200 bopd, maximum 2.000. (1000 Colombia, 1000 Brazil)