VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 27, 2014) - Petro One Energy Corp. (the "Company") (TSX VENTURE:POP)(FRANKFURT:C6K1) is applying to the TSX Venture Exchange for consent to extend the exercise term of certain outstanding share purchase warrants by two years.
Pursuant to the non-brokered private placement described in the Company's news releases issued on January 20, March 14 and August 28, 2012, the Company distributed 3,845,793 units at the price of $0.60 per unit. Each unit was comprised of one common share and one-half of a common share purchase warrant. Each warrant is currently exercisable to purchase one common share for $0.80 at any time prior to 4:30 p.m. on March 15, 2014 subject to an accelerated expiry if the average closing price of the common share is $1.20 or higher for 20 consecutive days. The Company now intends to apply to the Exchange for permission to extend the exercise term of the warrants to March 15, 2016. The Company will not be seeking a reduction of the exercise price of any warrants, and there will be no extension to the term of any finders' warrants issued in connection with the private placement.
ON BEHALF OF THE BOARD
Peter Bryant, President & Director
For further information, please visit the company's website at PetroOneEnergy.com and follow the Company's tweets at Twitter.com/PetroOneEnergy">Twitter.com/PetroOneEnergy.
Neither 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Petro One Energy Corp.
604 566 9089 or Toll free: 877 566 9089
604 564 8003 (FAX)
www.PetroOneEnergy.comKing James Capital CorporationJeff Stuart
604 805 0375
Source: Petro One Energy Corp.