|By Marketwired .||
|June 20, 2014 09:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/20/14 -- Panorama Petroleum Inc. (formerly "Azure Resources Corporation") (TSX VENTURE: PPA) is pleased to report that it has received TSX Venture Exchange final acceptance for its private placement announced on May 8, 2014. The placement was oversubscribed and the final number of Units sold was 10,398,933 for gross proceeds of $1,559,840. Each Unit consists of one common share of the Company and one share purchase warrant entitling the holder to acquire an additional common share of the Company for $0.25 prior to December 18, 2014.
Given additional interest in the private placement of the Company, the Company will conduct a further non-brokered private placement of up to 1,300,000 Units where each Unit consists of one common share of the Company and one share purchase warrant entitling the holder to acquire an additional common share of the Company for $0.25 for a period of 6 months after issuance. The target price for the private placement of these additional Units is $0.15 per Unit, but the price will be reviewed by the Exchange and is subject to adjustment at the conclusion of 5 business days following the consolidation of the Company's common shares, which occurred at the opening of trading on June 13th, 2014.
Finders' fees may be payable in cash or common shares of the Company in accordance with Exchange policies for the additional private placement. Net proceeds of the private placement will be applied to general corporate purposes. The private placement is subject to TSX Venture Exchange acceptance.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility or the adequacy or accuracy of this release. Certain information provided in this news release contains forward-looking statements that by their nature are subject to numerous risks and uncertainties and readers are cautioned that actual results may vary considerably from those forecasted.
Panorama Petroleum Inc.
Dr. Waseem Rahman
(604) 684-2407 (FAX)