3p International Energy Corp. Announces Closing Of $8 Million Financing
October 26, 2010
Toronto, Ontario – (October 26, 2010) – 3P International Energy Corp. (the “Corporation” or “3P”) (TSX Venture: DOH) is pleased to announce the closing of a private placement financing (the “Financing”), originally announced on October 14, 2010, in the amount of $8,000,000 raised on a non-brokered prospectus exempt basis through the issuance of 20,000,000 common shares (“Shares”) of the Corporation, at a price of $0.40 per Share.
The Corporation confirms it has agreed to pay an aggregate of $480,000, and issued a total of 1,200,000 finder’s warrants, to qualified arm’s length finders in connection with the Financing, representing finder’s compensation equal, in cash, to 6% of the gross proceeds of the Financing and finder’s warrants equal to 6% of the number of Shares issued. Each finder’s warrant will be exercisable into one further common share of 3P for up to two years from the date of issue. The Financing remains subject to regulatory approval.
Dr. David Kahn, Chairman and CEO of 3P, stated “We are pleased to announce the closing of this financing which, combined with in-the-money warrants from previous financings, will provide 3P will approximately $28 million in available capital.”
The proceeds of the private placement will be used primarily for the development of 3P’s Ukrainian energy assets, the evaluation of additional opportunities in that country and general working capital purposes.
3P is also pleased to announce the launching of its new website http://www.3PIntlEnergy.com which will be updated and augmented further in the coming weeks.
About 3P International Energy Corp.
3P International Energy Corp. is actively seeking international energy opportunities which meet its business model criteria of discovered but undeveloped known shallow reserves in politically and business friendly climates, which can be exploited using conventional and unconventional drilling, completion and reservoir technologies.
On behalf of the Board of Directors
This press release may contain forward-looking statements based on assumptions, uncertainties and management’s best estimates of future events. All statements that address future activities, events or developments that the Corporation believes, expects or anticipates will or may occur are forward-looking information. Forward-looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Corporation’s control. There can be no assurance that outcomes anticipated in the forward-looking information will occur and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information.
The Corporation undertakes no obligations to update publicly or otherwise revise any forwardlooking information, except as may be required by law. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Corporation’s filings with the Canadian securities regulators available on www.sedar.com.
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