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Porto Energy Corp. Applies for Extension of Warrant Expiry Date
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES....
About this update from Peak Discovery Capital Ltd
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY\n CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS/\n\n\nTHE WOODLANDS, TX, March 14, 2012 /CNW/ - Porto Energy Corp., (\"Porto\" or the \"Company\") (TSXV:PEC), a company focused on oil and gas exploration, appraisal\n and development in Portugal, today announced that it has filed an\n application with the TSX Venture Exchange (the \"Exchange\") to extend the expiry date of 9,275,000 outstanding warrants issued as\n part of the amalgamation involving the Company and Mohave Exploration\n and Production Inc. (\"Tranche 1\"), 1,985,000 outstanding warrants issued in connection with the\n non-brokered private placement of the Company completed on February 26,\n 2010 (\"Tranche 2\") and 5,805,000 outstanding warrants issued in connection with the\n non-brokered private placement of the Company completed on April 21,\n 2010 (\"Tranche 3\"). The Company has applied to extend the current expiry date of each\n warrant tranche from March 28, 2012 to March 28, 2013. Each whole\n warrant is exercisable to purchase one common share at an exercise\n price of $0.50 per share for Tranche 1 and an exercise price of $1.00\n per share for each of Tranche 2 and Tranche 3.  No other terms of the\n warrants will be amended and none of the warrants are held by insiders.\n The extension of the warrant expiry dates is subject to acceptance by\n the Exchange.\n\n\nAbout Porto Energy Corp.\n\n\nPorto Energy Corp. is an international oil and gas company engaged in\n the exploration of crude oil and natural gas in Portugal, including the\n appraisal of a gas discovery.  Through its wholly owned subsidiary,\n Mohave Oil And Gas Corporation (a Texas corporation with branch offices\n in Portugal), the Company holds working interests in five concessions\n in Portugal's Lusitanian Basin totaling 1,444,152 net acres or 5,844 km2. Through its exploration efforts to date, the Company has identified\n seven major exploration trends over its concessions including\n unconventional oil and gas resource plays as well as conventional oil\n and gas targets. Porto Energy's shares trade on the TSX Venture\n Exchange under the ticker symbol \"PEC\". For more information on Porto\n Energy visit www.portoenergy.c...