HOUSTON, TEXAS–(Marketwired – June 13, 2017) – Greenfields Petroleum Corporation (“Greenfields” or the “Company“) (TSX VENTURE:GNF), announces that it plans to complete a non-brokered private placement of up to 19,360,000 common shares of the Company (“Common Shares“), at a price of USD$0.1485 per Common Share (approximately CDN$0.20 per Common Share based on the Bank of Canada daily exchange rate on May 30, 2017 of $1.00 USD = $1.3469 CDN), for aggregate gross proceeds of up to approximately USD$2.85 million (approximately CDN$3.87 million) (the “Offering“). This placement constitutes the second and final phase of the private placement first announced on May 3, 2017, totaling up to approximately USD $3.25 million (approximately CDN$4.37 million), and may be closed in one or more tranches.
The net proceeds of the Offering will be used for capital investments in the Bahar Project including platform refurbishment steel, tubulars and additional gas well recompletion equipment and general corporate purposes. Insiders of the Company are participating in the Offering.
The Common Shares issued under the Offering will be subject to a four-month hold period from the date of issuance in accordance with the policies of the TSX Venture Exchange (the “Exchange“) and applicable securities laws.
The Offering is subject to certain customary conditions and regulatory approvals, including the approval of the Exchange.
About Greenfields Petroleum Corporation
Greenfields is a junior oil and natural gas corporation focused on the development and production of proven oil and gas reserves principally in the Republic of Azerbaijan. The Company plans to expand its oil and gas assets through further farm-ins and acquisitions of Production Sharing Agreements from foreign governments containing previously discovered but under-developed international oil and gas fields, also known as “greenfields”. More information about the Company may be obtained on the Greenfields website at www.greenfields-petroleum.com.