pcNewsWire – Petrodorado Energy Ltd. (TSX-V: PDQ) has closed previously announced non-brokered private placement of 13,333,333 units at $0.075 per unit for gross proceeds of $1,000,000.
Proceeds will be used for general corporate purposes.
News Release
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
PETRODORADO CLOSES $1,000,000 NON-BROKERED PRIVATE PLACEMENT
June 19, 2017 – Calgary, Alberta: Petrodorado Energy Ltd. (“Petrodorado” or the “Company”) (TSXVPDQ) is pleased to announce that, further to its news release dated April 25, 2017, Petrodorado has closed its non-brokered private placement (the “Private Placement”) raising gross proceeds of $1,000,000 through the issuance of 13,333,333 units (each, a “Unit”) at a price of $0.075 per Unit. Each Unit consists of one common share and one-half of one share purchase warrant, with each full warrant entitling the holder to acquire an additional common share at an exercise price of $0.15 per share for a period of sixty months from the closing date. All of the securities issued pursuant to this Private Placement are subject to a four month and a day hold period expiring on October 20, 2017.
The Units were issued on a private placement basis in the Provinces of Alberta, British Columbia and Ontario. Closing of the offering and the issuance of the Units are subject to final approval of the TSX Venture Exchange. Insiders of the Company subscribed for 892,475 Units in the offering. Proceeds of the Private Placement will be used for general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Petrodorado Energy Ltd.
Petrodorado is engaged in petroleum and natural gas exploration and development activities in Colombia. Its head office is located in Calgary, Alberta, Canada and Petrodorado’s common shares are traded on the TSXV under the trading symbol “PDQ”.
For further information, please contact:
Chris Reid, President and CEO
Lynn Chapman, VP Finance and CFO
Phone: (403) 800-9240
Email: info@petrodorado.com
Website: www.petrodorado.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
