Petrolympic Ltd. Announces Closing of Private Placement of Units
September 17 2021 - 5:33PM
Petrolympic Ltd. (the "
Company", TSXV: PCQ) wishes
to announce it has completed a non-brokered private placement (the
"
Offering") of 4,000,000 units of the Company
("
Units") at a price of $0.10 per Unit, for
aggregate gross proceeds of $400,000. Each Unit is comprised of one
common share in the capital of the Company (a "
Common
Share"), issued on a flow-through basis, and one-half of
one Common Share purchase warrant (each whole warrant, a
"
Warrant"). Each Warrant entitles the holder
thereof to purchase one Common Share at a price of $0.16 for a
period of two years from the date of issuance; provided, however,
that in the event that the closing price of the Common Shares on
the TSX Venture Exchange (the "
TSXV") is $0.25 or
higher for a period of 30 consecutive trading days, the Corporation
may elect to accelerate the expiry date of the Warrants to a date
that is 30 days from the date of the written notice of acceleration
provided to holders of Warrants.
The Company paid aggregate cash finders fee of
$24,000 representing 6% of the gross proceeds of the Offering
introduced by the finders. In addition, the Company issued 240,000
compensation warrants of the Company ("Compensation
Warrants") to the finders representing 6% of the number of
Units sold to subscribers introduced by the finders. Each
Compensation Warrant entitles the holder thereof to purchase a
warrant for $0.16 for a period of two years from the date of
issuance. Laurentian Bank Securities Inc. was engaged as the
Company's exclusive finder in connection with the Offering.
The securities issued under the Offering have a
hold period of four months and one day from the date of
issuance.
The Company will use the net proceeds of the
Offering to explore the Belcourt and the Rayon D’Or properties
located in Quebec.
For further information please
contact:
Mendel Ekstein - President
82 Richmond St EastToronto, ON M5C 1P1Tel.
845-656-0184 Fax 845-231-6665
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
Certain information contained or incorporated by
reference in this press release, including any information
regarding the proposed acquisition, constitutes “forward-looking
statements”. All statements, other than statements of historical
fact, are to be considered forward-looking statements.
Forward-looking statements are necessarily based on a number of
estimates and assumptions that, while considered reasonable by the
Company, are inherently subject to significant business, economic,
geological and competitive uncertainties and contingencies.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guaranteeing of future performance. Known
and unknown factors could cause actual results to differ materially
from those projected in the forward-looking statements. Such
factors include but are not limited to: economic and global market
impacts of the COVID-19 pandemic, fluctuations in market prices,
exploration and exploitation successes, continued availability of
capital and financing, changes in national and local government
legislation, taxation, controls, regulations, expropriation or
nationalization of property and general political, economic, market
or business conditions. Many of these uncertainties and
contingencies can affect our actual results and could cause actual
results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, us. Readers
are cautioned that forward-looking statements are not guarantees of
future performance and, therefore, readers are advised to rely on
their own evaluation of such uncertainties. All of the
forward-looking statements made in this press release, or
incorporated by reference, are qualified by these cautionary
statements. We do not assume any obligation to update any
forward-looking statements.
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