CALGARY, Oct. 28, 2015 /CNW/ - Petroamerica Oil Corp.
(TSX-V:PTA) ("Petroamerica" or the "Company"), an oil
and gas company operating in Colombia would like to correct one aspect of
the press release from October 27,
2015 where it announced that it has entered into an
agreement with AV Securities Inc. ("AV Securities") to sell
on a reasonable commercial efforts basis, by way of private
placement, units ("Units") of the Company at a price of
US$10,000 per Unit to raise aggregate
gross proceeds of up to US$20 million
(the "Offering"). The Units will be sold in two tranches,
with the first tranche of 1,000 Units, not 10,000 Units as had been
previously released, but still raising US$10
million and the second tranche of 1,000 Units, again, not
10,000 Units, to close six months thereafter. All other
aspects of the press release remain the same.
The Company apologizes for this error.
About Petroamerica:
Petroamerica Oil Corp. is a Canadian oil and gas exploration and
production company with interests in fifteen blocks, located in
Colombia's Llanos and Putumayo
Basins. Petroamerica's shares are listed on the TSX Venture
Exchange under the symbol "PTA".
Forward-Looking Statement:
This news release includes information that constitutes
"forward-looking information" or "forward-looking statements". The
forward looking statements contained in this document, including
expectations and assumptions concerning the obtaining of the
necessary approvals for the Offering, the anticipated closing date
of the Offering, the expected date of the first payment of interest
pursuant to the Debentures, and the expected use of proceeds from
the Offering are solely opinions and forecasts which are uncertain
and subject to risks. A multitude of factors can cause actual
events to differ significantly from any anticipated developments
and although the Company believes that the expectations represented
by such forward-looking statements are reasonable, undue reliance
should not be placed on the forward-looking statements because
there can be no assurance that such expectations will be realized.
Material risk factors include, but are not limited to: the risks of
the oil and gas industry in general, such as operational risks in
exploring for, developing and producing crude oil and natural gas,
market demand and unpredictable shortages of equipment and/or
labour; potential delays or changes in plans with respect to
exploration or development projects or capital expenditures;
fluctuations in oil and gas prices, foreign currency exchange rates
and interest rates, reliance on industry partners and the failure
to obtain the necessary approvals for the Offering or possible
delays in closing the Offering.
Neither the Company nor any of its subsidiaries nor any of
its officers, directors or employees guarantees that the
assumptions underlying such forward-looking statements are free
from errors nor does any of the foregoing accept any responsibility
for the future accuracy of the opinions expressed in this document
or the actual occurrence of the forecasted developments.
The forward-looking statements contained in this document are
made as of the date hereof and the Company undertakes no obligation
to update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities
laws.
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.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy the securities in any
jurisdiction. The securities have not and will not 3 be registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") or any state securities laws and may not be
offered or sold in the United
States except in certain transactions exempt from the
registration requirements of the U.S. Securities Act and applicable
state securities laws.
SOURCE Petroamerica Oil Corp.