Canamax Energy Ltd DTEYF

WOW, PP at .05

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Petroforte Int'l arranges $3.7-million private placement

2013-08-21 10:28 PT - News Release

 

Mr. Harry Knutson reports

PETROFORTE ANNOUNCES $3,700,000 PRIVATE PLACEMENT

Petroforte International Ltd. has arranged a non-brokered private placement offering for up to $3.7-million composed of two types of units:

 

• Up to 30 million equity units of the corporation are offered at a price of five cents per unit. Each unit will consist of one common share of the corporation and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share of the corporation upon payment of the exercise price of 10 cents for a period of two years from the closing date of the private placement;
  • Up to 20 million combination units of the corporation are offered at a price of 11 cents per unit. Each of these units consist of one common share at five cents plus one flow-through share at six cents per share plus one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share of the corporation upon payment of the exercise price of 10 cents for a period of two years from the closing date of the private placement.

   

  The proceeds of the offering will be used towards the corporation's proposed general corporate purposes. The offering is subject to approval of the TSX Venture Exchange. All securities issued in connection with the offering will be subject to a four-month hold period.

  Closing of the offering will occur as subscriptions are received. Finder's fee(s) equal to 7 per cent of the units placed may be payable in cash in connection with the offering.