PetroCorp Group Announces Closing of Private Placement and Proposed Consolidation

Source: www.gulfoilandgas.com 3/30/2022, Location: North America

PetroCorp Group Inc. has completed a non-brokered private placement of 98,360,656 common shares of the Corporation (the "Common Shares") at a price of $0.00061 per share for aggregate gross proceeds of $60,000 (the "Offering").

The Common Shares issued will be subject to a four month hold period from the date of issuance pursuant to securities legislation.

In connection with the Offering and subject to regulatory approval, the Corporation shall seek shareholder approval for a consolidation of its Common Shares on a 82:1 basis (the "Consolidation") and intends to give effect to the Consolidation in as expeditious manner as is possible after receiving the requisite shareholder approval but not later than the earlier of the Corporation's next annual and special meeting of shareholders and six months from the completion of the Offering. This structure allows the Corporation to complete the Offering prior to completion of the Consolidation and use the sub-$0.05 pre-consolidation share price as the basis for the offering price of the Common Shares.


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