PENTANOVA ENERGY CORP. CLOSES $16.5M FINANCING
VANCOUVER, B.C., August 1, 2017 – PentaNova Energy Corp. (the “Company”) (TSXV: PNO), is pleased to announce that it has closed its previously announced private placement of 20,625,000 subscription receipts at $0.80 per Subscription Receipt for gross proceeds of $16.5 million. Each subscription receipt will automatically exchange into a unit (the “Units”) of the Company concurrently with closing of the acquisition of the outstanding shares of Patagonia. Each Unit will consist of one common share and one share purchase warrant exercisable into one additional common share at a price of $1.05 per share until July 31, 2022. The proceeds from the financing have been placed into escrow pending completion of the Company’s acquisition of Patagonia Oil Corp. by way of plan of arrangement. In addition, the Company has signed the definitive Arrangement Agreement with Blue Pacific Assets Corp. and Patagonia Oil Corp. The Company intends to seek the final order from the Supreme Court of British Columbia for the Arrangement on Thursday, August 3, and close the Acquisition on Friday, subject to receipt of Exchange approval.
For further information please contact:
PentaNova Energy Corp.
Executive Chairman & Director
Tel: (416) 804-4570
PentaNova Energy Corp. Gregg Vernon President Tel: (604) 609-6110 E-mail: firstname.lastname@example.org
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