HONG KONG, CHINA–(Marketwired – Feb. 16, 2016) –
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES, OR DISSEMINATION IN THE UNITED STATES.
Primeline Energy Holdings Inc. (“Primeline” or the “Company“) (TSX VENTURE:PEH) today announced it will issue 3,140,775 new Ordinary Shares of Primeline (“Shares“) to GRF Prime Limited (“GRF“).
The Shares are payment for the US$376,000 Share Finder’s Fee on US$10,000,000 principal amount Tranche A Convertible Bonds and US$8,000,000 principal amount Tranche B Convertible Bonds issued on August 14 and November 10 respectively to GRF. GRF is a resources fund managed by GEMS Investment Management Limited of Hong Kong.
The Shares will be issued at a deemed price of CAD$0.16 per share, being the weighted average trading price of the common shares on the TSX.V for the 15 days immediately preceding the December 5 payment date.
Upon completion of the issue, GRF will own 4,033,303 shares, representing approximately 2.2% of the Company’s 182,712,932 shares issued and outstanding.
About Primeline Energy Holdings Inc.
Primeline is an exploration and production company focusing exclusively on China’s natural resources to become a major supplier of gas and oil to the East China market. Primeline has a 100% Contractor’s interest in, and is the operator of, the petroleum contract with CNOOC for Block 33/07 (5,877sq km) and a 49% interest in the producing LS36-1 gas field in Block 25/34, together with CNOOC (51% interest and acting as Operator). Both blocks are located in the East China Sea. LS36-1 has been in production since July 2014. Shares of Primeline are listed for trading on the TSX Venture Exchange under the symbol PEH.
ON BEHALF OF PRIMELINE ENERGY HOLDINGS INC.
Ming Wang, Chief Executive Officer
Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Primeline. Although these statements are based on assumptions management believes to be reasonable, actual results may vary from those anticipated in such 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.
Primeline Energy Holdings Inc.
Dr. Ming Wang
+44 207.499.8888 or Toll Free: +1 877.818.0688
+44 207.499.2288 (FAX)
CHF Investor Relations
Toll Free: +1.877.838.1079 x231
VSA Capital Limited
Head of Corporate Finance