Petra Petroleum Inc. Completes Private Placement Financing
February 05 2010 - 3:05PM
Marketwired Canada
Petra Petroleum Inc. (TSX VENTURE:PTL) ("the Company") is pleased to announce
that it has completed a previously announced non-brokered private placement (the
"Offering") of 10 million units ("Units") at a price of $0.12 per Unit for total
proceeds of $1,200,000. Each Unit consists of one common share (a "Common
Share") and one share purchase warrant (a "Warrant") of the Company. Each
Warrant entitles the holder thereof to purchase one additional Common Share of
the Company at an exercise price of $0.20 each for a period of two years from
the date of issue. The Warrants will expire on February 4, 2012.
The proceeds from the Offering will be used for property development, future
acquisitions and general working capital purposes. The Company paid finders'
fees of a total of $67,950 and issued 566,250 warrants having the same terms as
the Warrants issued under the Offering.
The common shares issued and issuable pursuant to the Offering will be subject
to restrictions on their transfer for a period of four months from the date of
their issue.
ON BEHALF OF PETRA PETROLEUM INC.
Michael Atkinson, President and Chief Executive Officer