Pétrolia Inc. (TSX VENTURE:PEA) ("Pétrolia" or the "Corporation") is pleased to announce that it has closed a private placement. The Corporation has issued an aggregate of 5,222,223 "flow-through" shares at a price of $0.18 per share for gross proceeds of $940,000.14.
The proceeds of this private placement will be used by the Corporation to incur Canadian exploration expenses on the Corporation's properties located in the Province of Quebec and such exploration expenses will be fully incurred on or before December 31, 2018 in accordance with the Corporation's undertakings to the subscribers of this private placement.
As consideration for its services, Marquest Capital Markets received finder's fees equal to 6% of the gross proceeds of the private placement that were raised from purchasers of "flow-through" that they introduced to the Corporation.
All securities issued pursuant to this private placement are subject to a hold period ending on July 18, 2017.
As a result of this issuance of securities, the Corporation has 108,399,683 common shares issued and outstanding.
Pétrolia is a Quebec junior oil and gas exploration company which owns interests in oil and gas licenses covering 16,000 km², which represents almost 23% of the Québec territory under lease. Pétrolia is a leader in gas and petroleum exploration in Quebec and its vision is to produce oil from here, by the people here, for here. Social and environmental considerations are at the heart of Pétolia's concerns and exploration processes. Via its subsidiary, Investissements PEA Inc., Pétrolia holds a 21.7% interest in Anticosti Hydrocarbons L.P., and Pétrolia's subsidiary, Pétrolia Anticosti Inc., is the operator of the project on Anticosti Island. Pétrolia has 108,399,683 shares issued and outstanding.
SOURCE: Pétrolia Inc.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.