Vancouver, British Columbia – July 8, 2008 – Mr. Chris Parent, President of Petrol One Corp. (CNQ Exchange: PONE) (the “Company”) is pleased to announce that it has completed its brokered private placement with PowerOne Capital Markets Limited (“PowerOne”) as previously announced on May 23, 2008.
The Company raised gross proceeds of $5,063,599.80 through the issuance of 8,439,333 units (the “Units”) at $0.60 per unit. Each Unit consists of one common share of the Company and one common share purchase warrant entitling the holder to acquire one additional common share for a period oftwo years commencing on the date of closing at the exercise price of $0.80. All the securities issued in connection with this private placement are subject to a four-month hold period expiring November 9, 2008.
The Company paid PowerOne a cash commission of $405,087.98 and issued 843,933 compensation options (the “Compensation Options”). Each Compensation Option entitles the holder to subscribe for and purchase one Unit (a “Broker Unit”) of the Company at a price of $0.60 per Compensation Option exercisable for a period of two years commencing on the date of closing. Each Broker Unit consists of one common share of the Company and one common share purchase warrant entitling the holder to acquire one additional common share for a period of two years commencing on the date of closing at the exercise price of $0.80.
The proceeds of the financing will be used for exploration of the Company’s oil and gas concessions in Gabon, Africa and for general working capital. For a more complete business and financial profile of the Company, management encourages interested parties to view the Company’s documents posted on www.sedar.com.
For more information please contact:
Chris Parent
President
Petrol One Corp.
Phone: (604) 676-4285
Fax: (604) 681-8240
Email: globalsa@shaw.ca
www.petrolone.com
[Not for distribution in the United States or through United States wire services.]
The CNQ has neither approved nor disapproved the information contained herein.
