Canamax Energy Ltd DTEYF

First tranch confirmation - see last sentence - confirm lock

[Newsy99]

 

Petroforte closes $2.7-million 1st tranche of placement

2013-09-17 17:35 ET - News Release

 

Mr. Harry Knutson reports

PETROFORTE CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Petroforte International Ltd. has closed the first tranche of a non-brokered private placement previously announced on Aug. 21, 2013.

Pursuant to the offering the corporation issued 41,086,363 units and 11,086,363 flow-through common shares at five cents and six cents, respectively, for gross proceeds of $2,719,500. Each unit consists of one common share and one-half of a common share purchase warrant. Each whole common share purchase warrant entitles the holder thereof to purchase one common share of the corporation at 10 cents per share for a period of two years from the date of issuance of the warrant.

The proceeds from the offering will be used to work the corporation's interest at Brazeau River (see press release dated Aug. 8, 2013) and for general corporate purposes. As well Petroforte has used the proceeds to acquire the debt of a private company from a financial institution and has had a receiver appointed by the courts under the security agreement. The assets of the private company are now under the control of the receiver.

The offering is subject to approval by the TSX Venture Exchange. All securities issued in connection with the offering are subject to a four-month hold period.

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