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Pennine Petroleum Announces 50 Million Unit Non-Brokered Private Placement at $0.03 Per Unit to Advance Albanian Energy Project - Video News Alert on Investmentpitch.com
March 24, 2016 12:23 PM EDT | Source: InvestmentPitch Media
Vancouver, British Columbia--(Newsfile Corp. - March 24, 2016) - Pennine Petroleum Corporation (TSXV: PNN) has announced a non-brokered private placement of up to 50,000,000 units priced at $0.03 per unit, for proceeds of $1.5 million. Each unit is comprised of one share and one warrant, exercisable at $0.05 for a period of one year, with the warrants subject to an escalation clause.
InvestmentPitch Media has produced a "video news alert" which provides a brief overview of the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Pennine" in the search box.
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$1.1 million will be used to enact and meet the terms of a production sharing agreement for the Velca Block in Albania. The Velca Block, located 10 kilometres southeast of the port city of Vlore, covers an area of 153,000 acres.
John Garden, President and CEO, stated: "The Velca Block provides the foundation to build an emerging energy firm in Albania, and will open up additional opportunities in developing the natural resource sector in this nation. Our team's significant experience and expertise in Albania will contribute to the continued success of Pennine."
The company is also active in Alberta and Saskatchewan.
The shares are trading at $0.025 and with 101.8 million shares currently outstanding, the company is capitalized at $2.5 million.
For more information, please visit the company's website www.penninecorp.com or contact Des Smith at 403-277-4421 or email des.smith@penninecorp.com.
Investor relations is handled by Dean Stuart of the Board Marker Group, who can be reached at 403-617-7609 or email dean@boardmarker.net.
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