Category: News Releases Petrostar arranges $400,000 FT financing; options
Petrostar Petroleum Corp (C:PEP)
Shares Issued 58,784,261
Last Close 3/21/2007 $0.185
Thursday March 22 2007 – News Release
Mr. Robert Sim reports
Petrostar Petroleum Corp. plans to issue, through a non-brokered private placement, up to two million units of the company at a price of 20 cents per unit for a total of $400,000. Each unit consisting of one common flow-through share in the capital of the company and one non-transferable share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional common share of the company for a period of two years following the closing date at a price of 25 cents per share in the first year and 30 cents per share in the second year. The private placement is subject to the acceptance of the TSX Venture Exchange and all shares issued thereunder will be subject to a four-month hold period.
The company intents to grant a total of 695,000 incentive options to its consultants, officers and directors. The total number of options proposed is 695,000 and will be exercisable for a period of two to five years at a price of 20 cents per share.
© 2007 Canjex Publishing Ltd.
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