PP closed
Petrolympic completes private placement for $275,570
2011-12-28 16:59 ET - News Release
Mr. Mendel Ekstein reports
PETROLYMPIC ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF FLOW-THROUGH COMMON SHARES
Petrolympic Ltd. has closed a private placement offering of 1,621,000 flow-through common shares of the company at a price of 17 cents per FT share for a total of $275,570. The FT shares are subject to a four-month-plus-a-day hold period pursuant to applicable securities and regulatory law.
The company paid a cash fee to finders on certain subscription proceeds. Such funds will not be paid out of the proceeds of the FT shares.
The intended use of proceeds of the FT shares is to be used to continue the exploration and quantifying of conventional oil reserves in the Gaspesie and adjacent lower St. Lawrence permits, where oil shows have been found in core drilling and seeps.
We seek Safe Harbor.