Perisson Petroleum Corporation (TSXV: POG) operates within the exploration, development and production of oil & gas in Canada and Columbia. Shares of the petroleum company surged 71.43%, through trading on Tuesday, August 21, 2018. Over the past three months, Perisson Petroleum Corporation has seen average daily volume of 156,217 shares. However, volume of 725,700 shares or dollar volume of $87,084, exchanged hands on the day’s trading.
Shares of Perisson Petroleum Corporation surged on Tuesday, after the company announced that it has signed a Memorandum of Understanding (MOU) with Lan Cheng Limited, a private investment fund. The fund intends to purchase around 45.68 million common shares at a price of USD$1.0946 per share, which results in gross proceeds of USD$50 million. Management expects the deal to close in the next several weeks. Here is the full press release detailing of the private placement MOU:
Perisson Petroleum Corporation Press Release:
Calgary, Alberta (FSCwire) – Perisson Petroleum Corporation (“Perisson” or the “Company”) (TSXV: POG) is pleased to announce that it has signed a Memorandum of Understanding (the “MOU”) with Lan Cheng Limited, a private investment fund (the “Fund”). Following the successful completion of due diligence by the Fund, which has been ongoing for several weeks, the Fund intends to purchase approximately 45,678,787 common shares of the Company at a price of USD $1.0946 per share, resulting in gross proceeds to the Company of USD $50 million (the “Financing”). Closing of the Financing is anticipated to occur over the next several weeks.
The shares issued in connection with the Financing will be subject to a four month hold period. The Financing is subject to the approval of the TSX Venture Exchange.
About Perisson Petroleum Corporation
Perisson Petroleum Corporation is listed on the TSX Venture Exchange and trades under the symbol “POG”. The Corporation has ownership in certain oil and gas producing properties in the Twining area of Alberta, Canada. The Company also holds a 100% working interest in the VMM-17 block, a license located in the prolific, stable, oil-producing region of the Middle Magdalena Basin in central Colombia.
Completion of the transaction described above is subject to a number of conditions, including but not limited to, TSXV acceptance. There can be no assurance that the transaction will be completed as proposed or at all.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements relating to the timing and completion of the future operations of Perisson and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the proposed Acquisition and the future plans and objectives of Perisson, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Perisson’s expectations are risks detailed from time to time in the filings made by Vela with securities regulations.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Trading in the securities of Perisson Petroleum Corporation should be considered highly speculative. 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.