(NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES)
CALGARY, April 6 /CNW Telbec/ - Petro Novus AG ("PN") (Frankfurt Stock Exchange: PN5) is pleased to announce tha
t it has entered into an agreement with Paradigm Capital Inc., as agent
(the "Agent") pursuant to which the Agent has agreed to complete a private
placement offering, on a "best efforts" basis, of common bearer shares
("Common Shares") to raise a minimum of CHF 5 million and up to CHF 10 million (the "Offering"). PN is also in advanced negotiations with parties in Europe for a
concurrent offering in Europe and other jurisdictions. The issue price
of the Common Shares will be determined in the context of the market ("Issue Price"). The Offering is expected to close on or about May 12, 2011 (the "Closing Date"). The net proceeds from the Offering will be used to fund ongoing
exploration and development expenditures, working capital and for
general corporate purposes.
Closing is conditional upon conditions customary for transactions of
this type, including the receipt of all necessary regulatory and third
In addition, Petro Novus AG announces that on March 31, 2011, the Board
of Directors granted an aggregate of 3,200,000 incentive stock options,
to be allocated to Directors, Officers and Employees of the Company, to
purchase common shares in the capital stock of the Company pursuant to
its stock option plan. The stock options are exercisable at a price of
CHF 0.50 per share, CHF 1.00 per share, and CHF 1.50 per share, have a
term of seven years, and are subject to vesting restrictions over a
period of 24 months from the date of issue. Petro Novus AG also
announces that it has restructured a debt obligation of CHF 460,000 at
a price of CHF 0.50 per share.
About Petro Novus AG
Petro Novus AG, a Swiss corporation, is an independent oil and gas
company with an initial focus on the exploration and development of
crude oil and natural gas properties in the central and southern
regions of the Republic of Armenia. We utilize our strengths in
mergers and acquisitions, and capital and resource management, to
acquire large potential, overlooked and underexplored resource
properties. We plan to proactively minimize exploration risk and build
long term shareholder value by utilizing state of the art technologies,
and by employing the services of veteran exploration and project
managers. Our goal is to grow through future acquisitions and the
development of long-life producing properties. Petro Novus AG's shares
trade on the Frankfurt Stock Exchange under the symbol "PN5".
This news release does not constitute an offer to sell or a solicitation
of an offer to sell any of securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within
the United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Cautions Regarding Forward-Looking Statements:
Statements contained herein that are not historical facts are
forward-looking statements within the meaning of the U.S. Securities
Act, as amended. Those statements include statements regarding the
intent, belief or current expectations of the company and its
management. Such statements reflect management's current views, are
based on certain assumptions and involve risks and uncertainties. Such
statements may include, without limitation, statements with respect to
the Company's plans, objectives, projections, beliefs, expectations and
intentions and other statements identified by words such as "guidance,"
"projects," "may," "could," "would," "should," "believe," "expect,"
"anticipate," "estimate," "intend," "plan," or similar expressions.
Actual results, events, or performance may differ materially from the
above forward-looking statements due to a number of important factors,
and will be dependent upon a variety of factors, including, but not
limited to, the company's ability to obtain additional financing and
the demand for the company's products. The company undertakes no
obligation to publicly update these forward-looking statements to
reflect events or circumstances that occur after the date hereof or to
reflect any change in the company's expectations with regard to these
forward-looking statements or the occurrence of unanticipated events.
SOURCE PETRO NOVUS
For further information:
| Source: || Petro Novus AG |
| For further information please contact : |
| Cameron S. King, MBA |
Petro Novus AG