Valkyries Petroleum Corp. (“Valkyries” or the “Company”) announces that it has agreed to sell on a non-brokered, private placement basis, up to an aggregate of 2.5 million common shares of the Company at a price of Cdn $11.50 per share for gross proceeds of $28.75 million. A 5% finder’s fee may be payable on a portion of the private placement. The net proceeds of the private placement will be used towards the Company’s exploration and development programs in Russia as well as for general working capital. The common shares issued pursuant to the private placement will be subject to a 4 month hold period. The private placement is subject to regulatory approval.
Valkyries Petroleum Corp. is an upstream oil and gas company with exploration and producing interests in Russia and is currently in advanced stages of evaluation and negotiation on several additional projects in Russia.
Forward-looking statements: This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company’s capability to execute and implement its future plans. Actual results may differ materially from those projected by management.