Overseas deal is coming... read last news release closely !! Pennine arranges $500,000 private placement
2015-06-24 02:19 ET - News Release
Mr. Desmond Smith reports
PENNINE PETROLEUM CORPORATION ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OFFERING
Pennine Petroleum Corp. is offering a non-brokered private placement for new capital to accredited investors, in accordance with the TSX Venture Exchange bulletin (notice to issuers), dated April 7, 2014, and Aug. 17, 2012 (private placements: temporary relief from certain pricing requirements).
This non-brokered private placement intends to raise maximum aggregate gross proceeds of up to $500,000. The non-brokered private placement will consist of up to 16,666,667 common shares, valued at three cents per common share.
The corporation intends to use these proceeds for workovers on its acquisitions in Alberta, a developing international project and working capital.
As of the date of this news release, it is anticipated that if the offering of up to $500,000 is fully subscribed, the corporation would allocate $130,000 to complete well workovers, $170,000 to finalize joint venture negotiations in Albania, $140,000 toward working capital and $60,000 toward offering costs.
The corporation fully expects to spend these funds as stated herein. There may be circumstances, for sound business reasons, where a reallocation of funds may be necessary.
This offering will be open for subscription until July 30, 2015.
This private placement is subject to a four-month hold period from the date of closing, and is subject to TSX Venture Exchange review and acceptance.
We seek Safe Harbor.
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