Calgary, Alberta – TheNewswire – Petro Viking Energy Inc. (“Petro Viking” or the “Company”) (CSE:VIK) (CNSX:VIK.CN) is pleased to announce the closing of a successful non-brokered private placement for gross proceeds of $2,500,000 by the issuance of 10,000,000 Units at a price of $0.25 per Unit (the “Offering”), each Unit being comprised of one (1) common share in the capital of the Company (a “Common Share”) and one-half (1/2) common share purchase warrant, each full warrant entitling the holder thereof to purchase one (1) additional Common Share at a price of $0.35 for a period of twenty-four (24) months from the date of the issuance.
All securities issued under this Offering will be subject to a statutory hold period of four (4) months plus a day from closing.
The proceeds from the Offering will be used by the Company for general working capital purposes.
In connection to this Offering, the Company is paying finders’ fees in cash in the amount of $151,580 and issuing 368,800 compensation warrants (the “Compensation Warrants”). Each Compensation Warrant is exercisable into one (1) Common Share of the Company at $0.35 per share until September 13, 2023.