2022-03-09 23:00:00

Prospera Energy Inc. Announces Private Placement Financings

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Benzinga
By Globe Newswire

CALGARY, Alberta, March 09, 2022 (GLOBE NEWSWIRE) --

(TSXV:PEI)(OTC:GXRFF)(FRA:0F6A):

Prospera Energy Inc. (Prospera or the Corporation) announces two non-brokered private placement financings to fund the ongoing restructuring process that has transitioned the Corporation to regulatory compliance, environmentally safe operating conditions and production optimization. The proceeds from these financings will fund the second phase of the development plan (horizontal wells), increasing ownership and acquisitions at hand under agreements. The financings are subject to further review and acceptance by the TSX Venture Exchange and is expected to close on or around March 25, 2022.

In the first private placement, a total of up to $2,000,000 will be raised by offering 8% secured convertible debentures with the principal amount convertible into Common Shares of the Corporation and share purchase warrants. Applicable interest will be payable in cash or shares at the option of the Corporation.

Debenture Term sheet

In the second private placement, the Corporation intends to raise up to $2,000,000 by offering units of the Corporation at a price of $0.075 per unit (the Unit Offering). Each unit is composed of one Common Share of the Corporation and one share purchase warrant. Each warrant issued through this Unit Offering will entitle the holder to acquire one additional share in the capital of the Corporation at a price of $0.10 per share for a period of two (2) years from the date the units are issued. The Corporation reserves the right to accelerate the expiry date of the warrants to fifteen (15) days, in the event the share trades at $0.125 for five (5) consecutive business days following the expiry of the four (4) months hold period.

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