/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
CALGARY,
July 25, 2014 /CNW/ - PetroNova Inc.
("PetroNova" or the "Company") (TSX-V: PNA), a
company engaged in the exploration and development of oil and
natural gas resources in Colombia,
is pleased to announce that it has closed its previously announced
non-brokered private placement of 28,571,428 million common shares
of the Company ("Common Shares") at a purchase price of
$0.28 per Common Share for total
gross proceeds of $8 million (the
"Private Placement").
"The proceeds of the Private Placement will
enable PetroNova to delineate the highly prospective CPO-13 Block,"
said Antonio Vincentelli, President
and CEO of PetroNova. "We plan to drill the first exploratory
well in the El Tigre prospect - located in the heart of the heavy
oil belt and on the border of the prolific Quifa SW development -
in the second half of 2014, in addition to an appraisal well to
delineate our Pendare discovery based on recently acquired 3D
seismic."
The Common Shares have been subscribed by
Alentar Holdings Inc., an international investment company with
assets and solid experience in the oil and gas industry in
Colombia and South America, and Inepetrol Investments Ltd.,
a company related to the original founders of the Company. A.V.
Securities Inc. acted as finder for the Company's Private Placement
and will be paid a cash fee of $285,000. The Common Shares shall be subject to a
four (4) month statutory hold period from the closing of the
Private Placement.
Forward-Looking Information
This news release contains "forward-looking
information" within the meaning of applicable securities laws.
These statements relate to future events or future performance. The
use of any of the words "could", "intend", "expect", "believe",
"will", "projected", "estimated" and similar expressions and
statements relating to matters that are not historical facts are
intended to identify forward-looking information and are based on
the Corporation's current belief or assumptions as to the outcome
and timing of such future events. Actual future results may differ
materially. In particular, this release contains forward-looking
information relating to the use of proceeds of the Private
Placement. Various assumptions or factors are typically applied in
drawing conclusions or making the forecasts or projections set out
in forward-looking information. Those assumptions and factors are
based on information currently available to the Corporation. Risk
factors that could cause actual results or outcomes to differ
materially from the results expressed or implied by forward-looking
information include, among other things: general economic
conditions, market risks relating to the oil and gas industry, the
uncertainties involved in interpreting exploration results and
other geological data and the ability of the Corporation to obtain
the funds and resources required to carry out further exploration.
The Corporation cautions the reader that the above list of risk
factors is not exhaustive. The forward-looking information
contained in this release is made as of the date hereof and the
Corporation is not obligated to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks,
uncertainties and assumptions contained herein, investors should
not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE PetroNova Inc.