PCQ Petrolympic completes $250,000 private placement

 

Petrolympic Ltd (C:PCQ)

Shares Issued 83,077,195

Last Close 12/28/2012 $0.055

Monday December 31 2012 - News Release

Mr. Mendel Ekstein reports

PETROLYMPIC ANNOUNCES CLOSING OF A PRIVATE PLACEMENT

Petrolympic Ltd. closed a private placement on Friday, Dec. 28, 2012. The Offering is a combination of 3,285,715 flow-through units ("FT Units") at a price of $0.07 per FT Unit and 333,333 common share units ("Common Unit") at a price of $0.06 per Common Unit for a total gross proceeds of $250,000.

Each FT Unit, consists of one (1) flow-through share in the capital of Petrolympic (each a "Flow-Through Share") and one half (1/2) of one common share purchase warrant of Petrolympic (each a "Warrant") and each Common Unit, consists of one (1) common share in the capital of Petrolympic (each a "Common Share") and one (1) Warrant. Each full Warrant entitles the holder to acquire one Common Share at a price of $0.10 per Common Share for a period of 18 months from the closing date. The Warrants are subject to an acceleration clause, meaning that should the Common Shares trade at a price of $0.20 or higher for a minimum of 20 consecutive trading days Petrolympic may elect to accelerate the exercise period of the Warrants whereupon on the 30th day after Petrolympic announces such intention to accelerate, any Warrant that has not been exercised will expire.

No commissions or finder's fees have been paid and no broker warrants were issued pursuant to the Offering.

The net proceeds of the Offering will be used to fund exploration at Petrolympic's conventional oil properties located in Gaspe Peninsula.

The private placement closed on December 28, 2012. The Common Shares to be issued under the Offering will carry a four-month hold period under Canadian securities laws from the date of issuance. Completion of the Offering remains subject to receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange.

 

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