Mr. Allan King reports
PETROFORTE ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OFFERING
Petroforte International Ltd. has released the terms of a proposed financing. Petroforte proposes to undertake a non-brokered private placement offering of up to 70 million equity units at a price of five cents per unit, each unit consisting of one common share of the corporation and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share of the corporation at 10 cents per share for a period of 24 months from the issuance of the warrant.
The proceeds from the offering will be used toward the corporation's proposed general corporate purposes.
Closing of the offering is targeted for Sept. 15, 2012, or such other earlier or later date as the corporation determines and the TSX Venture Exchange allows. The company intends to close as funds from the offering are received. Finders' fees equal to 6.0 per cent of the units placed may be payable in connection with the offering. The offering is subject to approval by the TSX Venture Exchange.
All securities issued in connection with the offering will be subject to a four-month hold period.
We seek Safe Harbor.
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