Business
PMI Resources Ltd. and Pentanova Energy Corp. close C$45,000,000 private placement
PMI Resources Ltd. and Pentanova Energy Corp. close C$45,000,000 private placement ...
About this update from Ng Energy International Corp
[{"type":"text","content":"\n\n\n\nPMI Resources Ltd. and Pentanova Energy Corp. close C$45,000,000 private placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Feb. 10, 2017\n\n\n\nVANCOUVER, Feb. 10, 2017 /CNW/ - PMI Resources Ltd. (\"PMI\" or the \"Company\") (TSXV: PMI), is pleased to advise that the Company and PentaNova Energy Corp. (\"PentaNova\") have closed a private placement financing in the aggregate amount of C$45,000,000. The Company is also pleased to provide an update on its proposed acquisition (the \"Acquisition\") of PentaNova Energy Corp. (\"PentaNova\"), as announced on January 25, 2017.   \n\nThe brokered private placement conducted through GMP Securities L.P. and Eventus Capital Corp. for gross proceeds of C$16,400,000 to PentaNova closed on January 31, 2017.  PentaNova also completed a non-brokered private placement for gross proceeds of C$23,820,780.  In addition, PMI closed the non-brokered financing through the issuance of 9,561,000 subscription receipts of PMI for gross proceeds of C$4,780,500 (the \"PMI Proceeds\").  The PMI Proceeds are being held in escrow pending closing of the Acquisition. The common shares in the capital of PMI issuable on conversion of the subscription receipts will be subject to a four month hold period expiring June 9, 2017.\n\nPentaNova has entered into definitive agreements to acquire an 80% interest in the Maria Conchita Block, an 80% interest in the SN- 9 Block and a 60% interest in the Tiburon Block, all onshore in northern Colombia (collectively, the \"Block Acquisitions\").     \n\n\"We are extremely pleased with the success of the private placement financings and with our ability to secure such high quality assets.  We look forward to closing of the Acquisition and our next steps in the development of these assets,\" commented Luciano Biondi, Chief Executive Officer of PentaNova.\n\nAbout PentaNova\n\nPentaNova, a private corporation incorporated under the laws of the British Virgin Islands, is an exploration and development company focused on oil ...