Petrolifera Petroleum announces closing of over-allotment option



    
    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/
    

    CALGARY, Sept. 4 /CNW/ - Petrolifera Petroleum Limited ("Petrolifera" or
the "Corporation") announced today that it has closed its previously announced
over-allotment option (the "Over-Allotment Option") pursuant to the
Corporation's equity offering of units ("Units") announced on August 12, 2009
(the "Offering"). The exercise of the Over-Allotment Option resulted in the
issuance of 8,523,000 Units at a price of $0.88 per Unit for gross proceeds of
$7,500,240. Each Unit consists of one common share in the capital of the
Corporation (each, a "Common Share") and one-half of one Common Share purchase
warrant of the Corporation (each whole Common Share purchase warrant, a
"Warrant"). Each Warrant entitles the holder thereof to purchase one Common
Share (each a "Warrant Share") at an exercise price of $1.20 per Warrant Share
at any time up to 5:00 pm (Calgary time) on August 28, 2011. In the event that
the 20-day volume weighted average price of the Common Shares on the Toronto
Stock Exchange (or such other stock exchange or quotation system on which the
Common Shares are listed and where a majority of the trading volume occurs),
exceeds $2.50 per Common Share, the Corporation may, within five business days
after such an event, provide notice to the holders of Warrants
("Warrantholders") of early expiry and thereafter the Warrants will expire on
the date which is 30 days after the date of the notice to the Warrantholders.
As a result of the exercise of the Over-Allotment Option, the aggregate gross
proceeds to Petrolifera of the Offering was approximately $57.5 million. Upon
closing of the Over-Allotment Option, the Corporation has 120,621,010 Common
Shares and 32,671,500 Warrants issued and outstanding on a basic basis and
156,631,677 Common Shares issued and outstanding on a fully diluted basis.
    The Offering was conducted through a syndicate of underwriters with
Thomas Weisel Partners Canada Inc., Cormark Securities Inc. and RBC Capital
Markets as co-lead underwriters and including GMP Securities L.P., Tristone
Capital Inc., Scotia Capital Inc., Jennings Capital Inc., Octagon Capital
Corp. and D&D Securities Company.

    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States or any other
jurisdiction outside of Canada, nor shall there be any sale of the securities
in any jurisdiction in which such offer, solicitation or sale would be
unlawful. The Units offered, including Common Shares and Warrants which
comprise such Units, have not been, and will not be, registered under the 1933
Act, as amended (the "1933 Act"), or any state securities laws and may not be
offered or sold in the United States absent registration or an applicable
exemption from the registration requirements of the 1933 Act and applicable
state securities laws.

    Petrolifera Petroleum Limited is a Calgary-based crude oil, natural gas
and natural gas liquids exploration, development and production company with
operations in Argentina, Colombia and Peru. The Corporation's main production
platform is at Puesto Morales Norte in Argentina. Extensive undeveloped lands
are held in all three countries, including three licenses in Peru and three
blocks in Colombia.





For further information:

For further information: Richard A. Gusella, Executive Chairman, or Gary
D. Wine, President and Chief Operating Officer, or Kristen Bibby,
Vice-President, Finance and Chief Financial Officer, Petrolifera Petroleum
Limited, Phone: (403) 538-6201, Fax: (403) 538-6225, inquiries@petrolifera.ca,
www.petrolifera.ca

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PETROLIFERA PETROLEUM LIMITED

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