Petrostar Closes Flow Through Financing
July 16, 2010, Victoria, BC - Petrostar Petroleum Corp. (TSX-Venture: PEP, Frankfurt: LMQ; "Petrostar" or the "Company") is pleased to announce it has received final TSXV approval for a non-brokered Flow Through Private Placement of 782,500 units at $0.08 per unit for gross proceeds of $62,600.
Each unit consists of one flow through share and one-half of a two-year common share purchase warrant. One whole warrant will entitle the purchaser to purchase an additional common share of the Company at $0.12 per share in the first year and $0.15 per share in the second. Warrants will expire July 13, 2012.
All securities issued under this private placement are subject to a four-month hold period expiring on November 13, 2010.
All funds realized will be used to fund further exploration work at Petrostar's leases that are located in the SE Saskatchewan extension of the prolific Bakken oil play that covers Saskatchewan & Manitoba in Canada, and Montana & North Dakota in the United States.
For further information please contact Bruce Scafe, President / CEO at 1-877-737-8864.
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.