Deal provides short-term funding for operations in Brazil and Colombia
By Susanna Moon
Chicago, Jan. 10 - Petro Vista Energy Corp. said it plans to issue up to C$1 million units in a non-brokered private placement. The company will sell 20 million units of one share and one warrant at C$0.05 each.
Each warrant is exercisable at a price of C$0.10 each for three years. The strike price is a 66.67% premium to the company's closing price on Jan. 9.
The company may accelerate the exercise of the warrants if the daily volume weighted average trading price of the company's shares closes at or above C$0.20 for 10 consecutive trading days during the term of the warrant, beginning four months after the warrants are issued.
Proceeds will be used to provide short-term funding for the company's operations in Brazil and Colombia and for general working capital.
Petro Vista Energy is a Vancouver, B.C.-based petroleum exploration company.
| Issuer: | Petro Vista Energy Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 20 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 10
|
| Stock symbol: | TSX Venture: PTV
|
| Stock price: | C$0.06 at close Jan. 9
|
| Market capitalization: | C$8.85 million
|
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