Energy company seeks to raise funds to develop Ukrainian assets
By Devika Patel
Knoxville, Tenn., Aug. 30 - 3P International Energy Corp. said it has arranged a C$5 million non-brokered private placement of units.
The company will sell 20 million units of one common share and one warrant at C$0.25 per unit. The warrants are each exercisable at C$0.70 for two years. The strike price represents a 112.12% premium to the C$0.33 closing share price on Aug. 29.
Settlement is expected Sept. 10.
Proceeds will be used for the development of 3P's Ukrainian energy assets, the evaluation of additional opportunities in that country and general working capital purposes.
Based in Toronto, 3P is actively seeking international energy opportunities which meet its business model criteria of discovered but undeveloped known shallow reserves in politically and business friendly climates, which can be exploited using conventional and unconventional drilling, completion and reservoir technologies.
| Issuer: | 3P International Energy Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5 million
|
| Units: | 20 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.70
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 30
|
| Settlement date: | Sept. 10
|
| Stock symbol: | TSX Venture: DOH
|
| Stock price: | C$0.32 at close Aug. 30
|
| Market capitalization: | C$4.86 million
|
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