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Petrolia Inc. closes a private placement in the amount of $940,000


Date issue: March 17, 2017
Time in: 4:30 PM e


QUEBEC CITY, QUEBEC--(Marketwired - March 17, 2017) - Petrolia Inc. (TSX VENTURE:PEA) ("Petrolia" or the "Corporation") is pleased to announce that it has closed a private placement. The Corporation has issued an aggregate of 5,222,223 "flow-through" shares at a price of $0.18 per share for gross proceeds of $940,000.14.

The proceeds of this private placement will be used by the Corporation to incur Canadian exploration expenses on the Corporation's properties located in the Province of Quebec and such exploration expenses will be fully incurred on or before December 31, 2018 in accordance with the Corporation's undertakings to the subscribers of this private placement.

As consideration for its services, Marquest Capital Markets received finder's fees equal to 6% of the gross proceeds of the private placement that were raised from purchasers of "flow-through" that they introduced to the Corporation.

All securities issued pursuant to this private placement are subject to a hold period ending on July 18, 2017.

As a result of this issuance of securities, the Corporation has 108,399,683 common shares issued and outstanding.

About Petrolia

Petrolia is a Quebec junior oil and gas exploration company which owns interests in oil and gas licenses covering 16,000 km2, which represents almost 23% of the Quebec territory under lease. Petrolia is a leader in gas and petroleum exploration in Quebec and its vision is to produce oil from here, by the people here, for here. Social and environmental considerations are at the heart of Petolia's concerns and exploration processes. Via its subsidiary, Investissements PEA Inc., Petrolia holds a 21.7% interest in Anticosti Hydrocarbons L.P., and Petrolia's subsidiary, Petrolia Anticosti Inc., is the operator of the project on Anticosti Island. Petrolia has 108,399,683 shares issued and outstanding.

Forward-looking statements

Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Petrolia and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications or statements made by Petrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Petrolia does not intend and undertakes no obligation to update these forward-looking statements.

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 for the adequacy or accuracy of this release.

- END RELEASE - 17/03/2017

For further information:
Martin Belanger
Interim President and Chief Executive Officer


INDUSTRY: Energy and Utilities - Oil and Gas
RELEASE ID: 20170317CC0074

Press Release from Marketwired 1-866-736-3779

All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization issuing the release, not to The Canadian Press.

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