ENGLEWOOD, CO–(Marketwired – February 01, 2017) – PetroShare Corp. (OTCQB: PRHR) today announced it completed the final closing of a private placement of units consisting of unsecured convertible promissory notes and warrants for gross proceeds totaling $10,000,000 (the “Placement”). The proceeds of the Placement are intended to be used for continued drilling and leasing activity, along with general and administrative expenses, and working capital.
The units were sold to institutional and accredited investors, including each of the senior officers and directors of the Company, for a total of 200 units which was upsized from the original authorized 120 units, due to investor interest. Each unit is comprised of a 10% unsecured convertible promissory note in the face amount of $50,000 and 33,333 common stock purchase warrants. The notes bear interest at 10% per year, payable semi-annually, and mature on December 31, 2018. The notes can be converted into shares of the Company’s common stock at a conversion price of $1.50 per share. Each warrant entitles the holder to purchase one share of the Company’s common stock at a price of $3.00 per share and expires on December 31, 2019. The Company’s Placement Agent for the Placement was GVC Capital LLC.
The securities sold in the Placement were not registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of that Act.
About PetroShare Corp.
PetroShare Corp. is an independent oil and natural gas exploration and development company that targets capital deployment opportunities in established unconventional resource plays. Its current focus is in the Niobrara/Codell formations and adjacent oil and gas producing zones in the Rocky Mountain region with specific targets in the Wattenberg field within the DJ Basin of northeast Colorado. For more information, visit www.PetroShareCorp.com.