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PetroTal Corp. - Proposed Placing to Raise at Least £15 million to Accelerate Bretaña Development
PetroTal Corp. - Proposed Placing to Raise at Least £15 million to Accelerate Breta&#...
About this update from Petrotal Corp.
[{"type":"text","content":"\n\n\n\nPetroTal Corp. - Proposed Placing to Raise at Least £15 million to Accelerate Bretaña Development\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.prngen2{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:1pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnml40{\nMARGIN-LEFT:3.33em\n}\n.prntblns{\nBORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 31, 2019\n\n\n\nCALGARY, May 31, 2019 /CNW/ - PetroTal Corp. (\"PetroTal\" or the \"Company\") (TSX-V: TAL and AIM: PTAL), an independent oil and gas company with assets and operations in Peru, today announces its intention to issue new common shares in the Company (\"Common Shares\") to raise in aggregate gross proceeds of not less than £15 million (the \"Placing\") at a price of 15 pence per Common Share (the \"Placing Price\"). \nThe Placing will be conducted by way of an accelerated bookbuild (the \"Bookbuild\") which will open immediately following the release of this announcement. The Placing will only be made available to invited eligible institutional investors in certain specified jurisdictions. A further announcement confirming the number of new Common Shares to be issued pursuant to the Placing (the \"Placing Shares\") and final details of the Bookbuild is expected to be made in due course.\nGMP FirstEnergy, Numis and Pareto are acting as joint bookrunners (the \"Joint Bookrunners\") in relation to the Placing. Strand Hanson is acting as Nominated & Financial Adviser to the Company.\nUse of Proceeds\nIt is intended that the net proceeds of the Placing will be applied to accelerate development activity at the Company's Bretaña oilfield on Block 95, onshore Peru.  In particular, PetroTal plans to use the net proceeds of the Placing to:\nDrill one additional water well in 2019 which was originally planned to be drilled in 2020 to provide additional water disposal assurance; Re-complete the existing w...