VANCOUVER, British Columbia, Nov. 14, 2017 (GLOBE NEWSWIRE) -- Park Place Energy Inc. (OTCQB:PKPL) intends to complete a private placement offering of common shares for proceeds up to US $1,000,000 at a price of US$0.10 per share for a total of 10,000,000 shares “the Financing”.
The financing was approved by the Company and will close on November 30, 2017. The financing is only available to qualified investors in accordance with applicable securities laws and regulation.
The net proceeds from the Financing will be used for working capital purposes and applying for a listing on a Canadian stock exchange. Any future anticipated stock exchange listing is subject to regulatory requirements and stock exchange approval.
The Company is also planning a subsequent financing in early 2018 to fund development and exploration expenditures related to its oil and gas assets in Turkey and Bulgaria, which are described below.
About the Company
Park Place has several oil and gas assets in Turkey and Bulgaria. In Turkey, these include an 19.6 % interest in the Cendere oil field, a 37.25% interest in the SASB offshore gas field (together which net Park Place about 180 bopd.), a 100% interest in 42,833 hectares of exploration blocks (Derecik Exploration Licences) covering the northern extension of the prolific Iraq/Kurdistan Zagros Basin, and the Vranino 1-11 block, Bulgaria, a prospective coal bed methane property.
See our news release date October 25, 2017 for further details on our oil and gas assets.