08:36:55 EDT Fri 29 Mar 2024
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Perisson arranges $2.1-million financing

2015-09-01 11:05 ET - News Release

Mr. Chien-Yeh Chen reports

PERISSON PETROLEUM CORPORATION ANNOUNCES PROPOSED EQUITY FINANCINGS

Perisson Petroleum Corp. has proposed an equity financing necessary for the continuation of the corporation's business plan. It is anticipated that the financing will close in one or two tranches during the first half of September.

The financing involves the issuance of common shares at a price of three cents per common share for maximum aggregate proceeds of $2.1-million to be used for the payment of aged payables and general working capital for the purpose of proceeding with the company's licensing process with the Colombian government on its VMM-17 block. An additional use of proceeds would involve the funding of a guarantee necessary for the maintenance of the VMM-17 licence. The Colombian government requires that the company post a guarantee in the aggregate sum of $1,097,073 (U.S.) in order to maintain the licence on the property. This guarantee must be completed relatively soon, and therefore the company has sought to complete the financing of the required funds (plus an additional estimated $75,000 (U.S.) for the standard arrangement fees and supporting letter of credit) through the issuance of common shares.

It is anticipated that the financings will be completed over the next two weeks. In order to complete the foregoing financings, the company sought and was granted relief from the Canadian Stock Exchange's minimum-price rule. The securities issued will be subject to a hold period of four months plus one day from closing.

We seek Safe Harbor.

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