THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, March 06, 2018 (GLOBE NEWSWIRE) -- (TSX-V:PTV.H) Petro Vista Energy Corp. (“Petro Vista” or the “Company”) announces that it has completed the first tranche of its non-brokered private placement previously announced on February 8, 2018 (the “Private Placement”). The first tranche consisted of the sale and issuance of 11,300,000 Units (“Units”) of the Company at a price of $0.01875 per Unit for gross proceeds of $211,875 (the “Offering”).
Each Unit consists of one common share and one common share purchase warrant. Each common share purchase warrant (“Warrant”) entitles the holder to purchase one additional common share at a price of C$0.025 per common share until March 6, 2020.
The proceeds from the Offering will be used for general working capital purposes.
All securities issued in connection with the Offering will be subject to a four month hold period expiring on July 7, 2018.
Upon closing of the Offering, the Company intends to complete a consolidation of its issued and outstanding common shares of up to a maximum of ten (10) old shares for every one (1) new share (the “Consolidation”). The Company will complete the Consolidation no later than 6 months from the completion of the Offering.
Final closing of this Offering is subject to final acceptance by the TSX Venture Exchange.
ON BEHALF OF PETRO VISTA ENERGY CORP.
"Dan Placzek"
President and CEO
For further information please contact:
Petro Vista Energy Corp.,
Attention: Dan Placzek
Tel: +1(604) 638-8063
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.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.