Petra Petroleum raises $32 mln from OTPP, Tyrus, West Face Capital
Petra Petroleum Inc (TSX-V: PTL) has secured $31.7 million in gross proceeds from a private placement. The transaction will fund the company's proposed combination with Mitra Energy Ltd, an oil and gas company focused on Southeast Asia. Investors in the private placement included Ontario Teachers' Pension Plan (OTPP), Tyrus Capital and West Face Capital. Following the Mitra deal, OTPP and West Face are expected to hold about 27.7 percent and 23.8 percent, respectively, of the new entity's issued and outstanding shares. Based in Vancouver, Petra is focused on exploration opportunities in frontier areas and under-explored proven basins around the globe.
10 April 2015•5 mins read
