Petrolympic Announces Closing of First Tranche of Non-Brokered Private Placement
13 Gennaio 2014 - 11:00PM
Marketwired
Petrolympic Announces Closing of First Tranche of Non-Brokered
Private Placement
TORONTO, ONTARIO--(Marketwired - Jan 13, 2014) - Petrolympic
Ltd. (TSX-VENTURE:PCQ) (the "Company") is pleased to announce that
it has completed the first tranche of a non-brokered private
placement (the "Private Placement"). The Company issued 6,300,000
units of the Corporation (the "Units") at a price of $0.15 per Unit
for aggregate gross proceeds of $945,000. Each Unit consists of one
common share of the Corporation (a "Unit Share") and one common
share purchase warrant (a "Warrant"). Each Warrant entitles the
holder to purchase one common share ("a "Warrant Share") at a price
of $0.25 per Warrant Share for a period of 18 months from the date
of issuance (the "Expiry Time"). In the event that the common
shares of the Company trade at or above $0.35 for a period of
thirty (30) consecutive trading days at any time prior to the
Expiry Time, the Company may accelerate the Expiry Time by giving
at least thirty (30) days prior written notice (the "Notice") to
the warrant holders, and in such a case the Warrants shall expire
on the 30th day after the date on which such Notice is delivered by
the Company or such later expiry date set out in the Notice (the
"Acceleration Clause").
Compensation Options were also issued to certain finders. The
finders received 504,000 compensation options ("Compensation
Options"), each Compensation Option being exercisable into one Unit
within 18 months of closing, subject to the Acceleration Clause, at
an exercise price of $0.15.
The securities sold under the Private Placement will be subject
to restrictions on resale for a period of four months and one day
from the date of closing.
Proceeds of the Private Placement will be used to fund
exploration of the Company's properties and for general corporate
purposes.
The issuance of the Units and listing of the Unit Shares and the
Warrant Shares pursuant to the Private Placement is subject to TSX
Venture Exchange approval.
FORWARD-LOOKING STATEMENTS
This press release includes certain "forward-looking
information" within the meaning of the Securities Act
(Ontario), including, but not limited to, statements as to timing
and extent of exploration programs and the availability of
exploration results. As such, forward-looking information addresses
future events and conditions and so involves inherent risks and
uncertainties, as disclosed under the heading "Risk Factors" and
elsewhere in Petrolympic documents filed from time to time with the
Ontario Securities Commission and other regulatory authorities.
Actual results could differ significantly from those currently
projected as a result of, among those factors, adverse weather,
regulatory changes, delays in receiving permits, accidents and
delays in completing exploration activities not all of which are in
the control of Petrolympic. The forward-looking information
contained herein is Petrolympic's reasonable estimate today of
future events and conditions, but no assurance can be given that
such events or conditions will occur.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Petrolympic Ltd.Mendel Eksteinexis@petrolympia.com
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