CALGARY, AB – PetroFrontier Corp. (“PetroFrontier” or the “Corporation”) (TSX-V:PFC) announces its intention to complete a private placement of common shares of the Corporation (“Common Shares“) at a price of $0.075 per Common Share for proceeds of up to $400,000 (the “Private Placement“). The Corporation intends to rely on the following exemptions from prospectus requirements in relation to the Private Placement:
- The “accredited investor” exemption; and
- The exemption for sales to purchasers advised by investment dealers.
The Corporation may pay a cash commission or finder’s fee to qualified non-related parties of up to 7% of the gross proceeds of the Private Placement.
The use of proceeds of the Private Placement is for the acquisition of equipment to conduct drilling, completion and equipping operations in relation to the Corporation’s existing joint venture agreements and for general corporate purposes.
As the Corporation is relying on the exemption for sales to purchasers advised by investment dealers, it confirms that there is no material fact or material change related to the Corporation which has not been generally disclosed.
Completion of the Private Placement is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange. The Common Shares to be issued will be subject to a four month hold period from the date of the closing of the Private Placement.
Insiders of the Corporation may participate in the Private Placement.
About PetroFrontier Corp.
PetroFrontier is a junior energy company currently focused on developing two Mannville heavy oil plays in the Cold Lake and Wabasca areas of Alberta.
PetroFrontier’s head office is in Calgary, Alberta and its Common Shares are listed for trading on the Exchange under the symbol “PFC”.
This press release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of PetroFrontier, including regulatory approval of the proposed private placement and the closing thereof. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, PetroFrontier does not assume any obligation to update or revise them to reflect new events or circumstances.
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.
Not for release in the United States of America
For More Information Contact
Kelly Kimbley, President & CEO
Suite 900, 903 – 8 Avenue S.W.
Calgary, Alberta, Canada T2P 0P7
Telephone: (403) 718-0366