Received by email:
File: 25.05.2016 PNN NBPP Albania.pdf
Pennine
announces
re-pricing
of
C$1.0-million
non-brokered
financing
to
advance
Albanian
energy
project
NOT
FOR
DISTRIBUTION
TO
U.S.
NEWSWIRE
SERVICES
OR
FOR
DISSEMINATION
IN
THE
UNITED
STATES
CALGARY,
ALBERTA
(May
25,
2016)
Pennine
Petroleum
Corporation
(TSX-Venture:
PNN)
("Pennine"
or
the
"Corporation")
is
pleased
to
announce
that
the
Corporation
has
re-priced
its
non-brokered
private
placement,
originally
announced
on
March
22,
2016,
of
up
to
50,000,000
units
for
proceeds
of
C$1,000,000.
Each
unit
is
offered
at
C$0.02,
and
shall
consist
of
one
common
share
("common
share"),
and
one
common
share
purchase
warrant
("warrant")
with
an
exercise
price
of
C$0.05
for
a
period
of
one
year.
Proceeds
from
this
financing
will
be
used
for
the
following
items:
dot $700,000
to
enact
and
meet
the
terms
of
a
production
sharing
agreement
for
the
Velca
Block
in
Albania;
dot $100,000
for
offering
costs;
and
dot $200,000
for
working
capital.
"Our
team's
significant
experience
and
expertise
in
Albania
will
contribute
to
the
continued
success
of
Pennine,"
says
Pennine
president
and
CEO
John
Garden.
"We
thank
our
shareholders
and
partners
for
their
support,
and
we
look
forward
to
developments
in
the
coming
months."
This
financing
is
subject
to
final
TSX
Venture
Exchange
approval.
Common
shares
and
warrants
are
subject
to
a
four-month
hold
period.
The
Velca
Block
is
located
10
kilometres
southeast
of
the
port
city
of
Vlore,
in
southern
Albania,
and
covers
an
area
of
153,215
acres
(239
square
miles,
or
620
square
km).
The
hydrocarbon
reservoirs
associated
with
the
Velca
Block
are
Ionian
subthrust
carbonates,
similar
in
structure
to
reservoirs
of
the
foothills
of
western
Alberta.
An
identified
structure
is
defined
by
250
km
of
2-D
seismic
and
indicates
a
structure
12
square
kilometres
in
area,
with
a
vertical
displacement
of
between
450
metres
and
750
metres.
On
Jan.
11,
2016,
the
Corporation
announced
the
appointment
of
Richard
Wadsworth,
P.
Eng.,
to
its
board
of
directors.
Mr.
Wadsworth
is
the
co-founder
and
former
president
and
director
of
Bankers
Petroleum
Ltd.
the
largest
foreign
investor
in
the
Republic
of
Albania.
On
April
7,
2016,
Pennine
and
Albpetrol
Sh.
A.
("Albpetrol"),
the
national
oil
company
of
Albania,
agreed
to
the
terms
of
the
production
sharing
agreement
for
the
Velca
Block
and
submitted
the
document
to
Albania's
Ministry
of
Energy
and
Industry
for
approval.
Additional
details
related
to
Pennine's
projects
in
Albania
and
Canada
can
be
viewed
on
the
Corporation's
website
at:
www.penninecorp.com.
-30-
About
Pennine
Petroleum
Corporation:
Pennine
Petroleum
Corporation
is
an
emerging
oil
and
gas
exploration
and
development
company
(www.penninecorp.com)
currently
active
in
Albania
and
the
Canadian
province
of
Alberta.
For
further
information,
contact:
Pennine
Petroleum
Corporation
N.
Desmond
Smith
T:
403.277.4421
F:
403.277.4439
E:
des.smith@penninecorp.com
Dean
Stuart
T:
403.617.7609
E:
dean@boardmarker.net
Neither
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.
This
press
release
contains
forward-looking
statements.
More
particularly,
this
press
release
contains
statements
concerning
the
proposed
terms
and
timing
of
the
Offering
and
the
expected
use
of
proceeds.
The
forward-looking
statements
contained
in
this
document
are
based
on
certain
key
expectations
and
assumptions
made
by
the
Corporation.
Although
the
Corporation
believes
that
the
expectations
and
assumptions
on
which
the
forward-looking
statements
are
based
are
reasonable,
undue
reliance
should
not
be
placed
on
the
forward-
looking
statements
because
the
Corporation
can
give
no
assurance
that
they
will
prove
to
be
correct.
Since
forward-looking
statements
address
future
events
and
conditions,
by
their
very
nature
they
involve
inherent
risks
and
uncertainties.
Actual
results
could
differ
materially
from
those
currently
anticipated
due
to
a
number
of
factors
and
risks.
These
include,
but
are
not
limited
to,
the
failure
to
obtain
necessary
regulatory
approvals,
the
risk
that
the
transactions
described
herein
are
delayed
or
are
not
completed.
The
forward-looking
statements
contained
in
this
document
are
made
as
of
the
date
hereof
and
The
Corporation
undertakes
no
obligation
to
update
publicly
or
revise
any
forward-looking
statements
or
information,
whether
as
a
result
of
new
information,
future
events
or
otherwise,
unless
so
required
by
applicable
securities
laws.
The
securities
of
Pennine
have
not
been,
nor
will
be,
registered
under
the
United
States
Securities
Act
of
1933,
as
amended,
and
may
not
be
offered
or
sold
within
the
United
States
or
to,
or
for
the
account
or
benefit
of,
U.S.
persons
absent
U.S.
registration
or
an
applicable
exemption
from
U.S.
registration
requirements.
This
release
does
not
constitute
an
offer
for
sale
of
securities
in
the
United
States.
File: 25.05.2016 PNN NBPP Albania.doc
Pennine announces re-pricing of C$1.0-million non-brokered financing to advance Albanian energy project
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
CALGARY, ALBERTA (May 25, 2016) - Pennine Petroleum Corporation (TSX-Venture: PNN) ("Pennine" or the "Corporation") is
---> pleased to announce that the Corporation has re-priced its non-brokered private placement, originally announced on Ma
--->rch 22, 2016, of up to 50,000,000 units for proceeds of C$1,000,000. Each unit is offered at C$0.02, and shall consist
---> of one common share ("common share"), and one common share purchase warrant ("warrant") with an exercise price of C$0
--->.05 for a period of one year.
Proceeds from this financing will be used for the following items:
$700,000 to enact and meet the terms of a production sharing agreement for the Velca Block in Albania;
$100,000 for offering costs; and
$200,000 for working capital.
"Our team's significant experience and expertise in Albania will contribute to the continued success of Pennine," says
---> Pennine president and CEO John Garden. "We thank our shareholders and partners for their support, and we look forward
---> to developments in the coming months."
This financing is subject to final TSX Venture Exchange approval. Common shares and warrants are subject to a four-mon
--->th hold period.
The Velca Block is located 10 kilometres southeast of the port city of Vlore, in southern Albania, and covers an area
--->of 153,215 acres (239 square miles, or 620 square km). The hydrocarbon reservoirs associated with the Velca Block are
--->Ionian subthrust carbonates, similar in structure to reservoirs of the foothills of western Alberta. An identified str
--->ucture is defined by 250 km of 2-D seismic and indicates a structure 12 square kilometres in area, with a vertical dis
--->placement of between 450 metres and 750 metres.
On Jan. 11, 2016, the Corporation announced the appointment of Richard Wadsworth, P. Eng., to its board of directors.
--->Mr. Wadsworth is the co-founder and former president and director of Bankers Petroleum Ltd. the largest foreign invest
--->or in the Republic of Albania.
On April 7, 2016, Pennine and Albpetrol Sh. A. ("Albpetrol"), the national oil company of Albania, agreed to the terms
---> of the production sharing agreement for the Velca Block and submitted the document to Albania's Ministry of Energy an
--->d Industry for approval.
Additional details related to Pennine's projects in Albania and Canada can be viewed on the Corporation's website at:
--->www.penninecorp.com.
-30-
About Pennine Petroleum Corporation: Pennine Petroleum Corporation is an emerging oil and gas exploration and developm
--->ent company (www.penninecorp.com) currently active in Albania and the Canadian province of Alberta.
For further information, contact:
Pennine Petroleum Corporation
N. Desmond Smith
T: 403.277.4421
F: 403.277.4439
E: des.smith@penninecorp.com
Dean Stuart
T: 403.617.7609
E: dean@boardmarker.net
Neither 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.
This press release contains forward-looking statements. More particularly, this press release contains statements conc
--->erning the proposed terms and timing of the Offering and the expected use of proceeds. The forward-looking statements
--->contained in this document are based on certain key expectations and assumptions made by the Corporation. Although the
---> Corporation believes that the expectations and assumptions on which the forward-looking statements are based are reas
--->onable, undue reliance should not be placed on the forward-looking statements because the Corporation can give no assu
--->rance that they will prove to be correct. Since forward-looking statements address future events and conditions, by th
--->eir very nature they involve inherent risks and uncertainties. Actual results could differ materially from those curre
--->ntly anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain ne
--->cessary regulatory approvals, the risk that the transactions described herein are delayed or are not completed. The fo
--->rward-looking statements contained in this document are made as of the date hereof and The Corporation undertakes no o
--->bligation to update publicly or revise any forward-looking statements or information, whether as a result of new infor
--->mation, future events or otherwise, unless so required by applicable securities laws.
The securities of Pennine have not been, nor will be, registered under the United States Securities Act of 1933, as am
--->ended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons a
--->bsent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitu
--->te an offer for sale of securities in the United States.
© 2024 Canjex Publishing Ltd. All rights reserved.