PTC Petrox Resources Corp

Not for distribution in the United States or through United States wire services.

Petrox Resources Corp. (TSX VENTURE:PTC) ("Petrox" or the "Corporation") is
pleased to announce it has closed its previously announced non-brokered private
placement (the "Offering") and has issued 36,500,000 units in the capital of
Petrox for gross proceeds of $3,306,295. Each unit consists of one common share
in the capital of Petrox ("Common Share") and one warrant ("Warrant"), with 50%
of the Warrants entitling the holder thereof to purchase one additional Common
Share for a period of 12 months at an exercise price of $0.20, and the remaining
50% of the Warrants entitling the holder thereof to purchase one additional
Common Share for the following 12 months at an exercise price of $0.25. A total
of 2,129,446 of the units consist of Warrants and Common Shares issued on a tax
flow-through basis and 34,370,554 of the units consist of Warrants and Common
Shares issued on a non tax flow-through basis. 


Proceeds of the Offering will be used to fund the exploitation and development
plans for Petrox's P&NG properties in Central Alberta. Specifically, Petrox
intends to use the funds to drill a Viking vertical core hole test and up to two
Viking horizontal wells, as well as for general corporate purposes.


Finders' fees totaling $9,920 have been paid in relation to the Offering. In
addition, broker warrants were issued to two finders entitling them to purchase,
in aggregate, 107,555 Common Shares at an exercise price of $0.10 per Common
Share for a period of two years from the date of closing of the Offering. 


Petrox is also pleased to announce that, subject to the approval of the TSX
Venture Exchange, Wentao Yang and Xiaobao Deng have been appointed to the Board
of Directors of the Corporation. Mr. Yang has a Master of Business
Administration degree from the University of Calgary and a Bachelor of Science
degree in Geophysics. He is a founding partner of Kailas Capital Limited, a
private financial consulting and investment company. Ms. Deng has a Master of
Law degree and has worked as in-house counsel for several companies. She is
currently the manager of the legal affairs department of SORESCO S.A., a joint
venture firm in Costa Rica.


Upon these appointments, the Board of Directors of the Corporation will comprise
of Glenn Cartier, Alan Chan, Edwin Tam, Garry Lohuis, Rudolf Cech, Douglas
Baird, Wentao Yang and Xiaobao Deng.


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. 


THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES,
AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL
ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES
HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR
SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT
THEREFROM.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Petrox Resources Corp.
Glenn Cartier, President
Alan Chan, CFO
(403) 270-2290 or (403) 237-8330
(403) 270 - 2292 (FAX)
www.petroxresources.ca

Grafico Azioni Petrox Resources (TSXV:PTC)
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Da Ott 2024 a Nov 2024

Grafico Azioni Petrox Resources (TSXV:PTC)
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Da Nov 2023 a Nov 2024