(PFC.V) - PetroFrontier Corp. announced that the second tranche of its $10.0 million non-brokered private placement was oversubscribed and has now closed.
Pursuant to the second closing of the offering, PetroFrontier issued 7,913,613 units at a price of $0.65 per Unit for gross proceeds of $5,143,848. Each Unit consists of one common share and one common share purchase warrant. Each Warrant entitles the holder thereof to acquire one
Proceeds from the offering will be used to fund the remainder of PetroFrontier's 2012 joint capital expenditure program with Statoil Australia Oil and Gas AS and for general corporate purposes.
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