VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 5, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Petrichor Energy Inc. (FRANKFURT:YQN)(TSX VENTURE:PTP) (the "Company" or "PTP") announces that it has negotiated, subject to acceptance by the TSX Venture Exchange (the "Exchange"), a non-brokered private placement to raise gross proceeds of up to $3,000,000 through the issuance of up to 12,000,000 Units (the "Units") at a price of $0.25 per Unit, each Unit consisting of one common share and one share purchase warrant (the "Warrants"). Each Warrant will entitle the holder thereof to purchase one common share of the Company for a period of two years from the date of issuance at a price of $0.35 per share, provided that in the event that the weighted average closing price of the Company's shares on the Exchange equals or exceeds $0.70 during any 20 consecutive trading days commencing four (4) months after the date of issuance of the Warrants, then the Company may within 30 days of such an occurrence give notice in writing to the holders of the Warrants that the Warrants shall expire at 5:00 p.m. (Vancouver time) on the 20th business day following delivery of such notice unless exercised by the holders of the Warrants prior to such time.
Proceeds raised from the private placement will be used towards the acquisition and development of the Company's oil and gas properties, and for general working capital.
The Company may pay finders' fees in connection with the private placement in accordance with the rules and policies of the TSX Venture Exchange.
Convertible Debenture Financing and Marble Falls Property Acquisition Update:
Further to the Company's news release dated June 7, 2013, Petrichor anticipates closing its previously announced convertible debenture financing on or about September 27, 2013, subject to satisfaction of certain conditions, including receipt of final acceptance from the Exchange. The first quarterly interest payment under the convertible debentures would be December 31, 2013.
Completion of the convertible debenture financing will be subject to completing the Marble Falls acquisition, and the Company plans to close the two transactions concurrently. Proceeds from the convertible debenture financing will also be used towards general working capital.
Upon receipt of confirmation from the Exchange that it may do so, the Company will attend to SEDAR filing a National Instrument 51-101 Report that has been prepared regarding the Marble Falls property.
Both the convertible debenture financing and the Marble Falls acquisition remain subject to receipt of acceptance by the Exchange.
ON BEHALF OF THE BOARD
Joe DeVries, Chief Executive Officer
The securities referred to in this news release have not been, nor will they 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 the U.S. registration requirements.
This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
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.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the completion of unit and convertible debenture financings and the completion of the Marble Falls acquisition, and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to: availability of capital and financing required to complete the contemplated private placements and to continue the Company's exploration programs and operations; general economic, market or business conditions; the actual results of current and planned exploration activities; fluctuating commodity prices; risks associated with participation agreements, leases, joint ventures and the ability to conclude such agreements on favourable terms; possibility of accidents, equipment breakdowns and delays during exploration and production; cost overruns or unanticipated costs and expenses; regulatory changes and restrictions including in relation to environmental liability; timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. |