Petro River Closes Private Placement With Strategic Chinese Partner
December 16 2013 - 8:30AM
Petro River Oil Corp (OTCPK:PTRC) ("Petro River" or "the Company")
announces that, on December 12, 2013, it closed a private placement
of common stock at $0.08 per share for total gross proceeds of $6.5
million. In addition the Company issued a warrant to purchase
additional common stock at a strike price of $0.1356 prior to
December 12, 2015.
All of the offering was purchased by Petrol Lakes Holding
Limited ("Petrol Lakes"), a newly formed investment group based in
China with strategic ties to the country's oil and gas industry.
The proceeds will be used to fund development of Petro River's
extensive portfolio including over 115,000 net acres of oil and gas
assets in Kansas, Missouri and Kentucky.
Petrol Lakes is working with Petro River towards a potential
joint venture with a strategic partner in China in the Company's
85,000 net acres in the Mississippian Lime play in Kansas. The
Company is also reviewing acquisition opportunities in the
Mississippi Lime play in Kansas and Oklahoma. There can be no
assurance that the Petro River will enter into any of these
transactions.
Petro River has formed a wholly owned subsidiary named Petro
Spring LLC to acquire and develop technologies with a focus on
enhanced oil recovery. Petro Spring brings together a team of world
class technologists with extensive experience applying technology
to increase efficiency of oil production.
Important Information
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any security. The shares of common
stock are being sold pursuant to an applicable exemption from the
registration requirements of the Securities Act of 1933, as
amended.
Forward-Looking Statements
This news release contains forward-looking and other statements
that are not historical facts. Readers are cautioned not to place
undue reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which
they are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to
the possibility that the predictions, forecasts, projections and
other forward looking statements will not occur, which may cause
actual performance and results in future periods to differ
materially from any estimates or projections of future performance
or results expressed or implied by such forward looking
statements.
The forward-looking statements contained in this news release
are made as of the date of this news release. Petro River disclaims
any intention and assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
securities law. Additionally, Petro River undertakes no obligation
to comment on the expectations of, or statements made, by third
parties in respect of the matters discussed above.
CONTACT: Investor Relations:
gary@petroriveroil.com
212-596-7090
www.petroriveroil.com
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