Petrofrontier Corp. closes second tranche of its private placement for total gross proceeds of $10 million and provides operational update
CALGARY, Sept. 17, 2012 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is very pleased to announce that the second tranche of its $10.0 million non-brokered private placement (the "Offering") was oversubscribed and has now closed. Pursuant to the second closing of the Offering, PetroFrontier issued 7,913,613 units (the "Units") at a price of $0.65 per Unit for gross proceeds of $5,143,848. Each Unit consists of one common share ("Share") and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to acquire one additional Share at a price of $0.90 per Share. The Warrants will expire on September 8, 2014 (the "Warrant Expiry Date"), unless the volume weighted average trading price of the Shares on the TSX Venture Exchange Inc. during the 10 consecutive trading days immediately prior to the date for which such calculation is made is greater than $1.125 (the "Trigger Event"). If a Trigger Event occurs, the Warrant Expiry Date may, at the option of PetroFrontier, be accelerated to the later of: (i) 30 business days from the Trigger Event date; and (ii) one month following the expiry of the applicable hold period required under securities laws.
Proceeds from the Offering will be used to fund the remainder of PetroFrontier's 2012 joint capital expenditure program with Statoil Australia Oil and Gas AS and for general corporate purposes. The Offering is subject to regulatory approval, including the approval of the TSX Venture Exchange Inc. The securities sold pursuant to the Offering will be subject to a four month hold period.
Operational Update
PetroFrontier's three well completion program is ongoing and the completions crew is currently rigging up at the second horizontal well location, Baldwin-2Hst1 (EP 103).
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