February 15, 2008 - Vancouver, BC - Petrol One Corp. (CNQ Exchange: PONE) (the “Company") announces that it has received private placement subscriptions for a total of 2,550,000 units of the Company at a price of $0.40 per unit for gross proceeds of $1,020,000.
Each unit will consist of one common share and one share purchase warrant, each warrant entitling the holder to purchase one additional common share of the Company until February 12, 2010 at a price of $0.50 per share. A commission of $72,000 cash and 225,000 Finder’s Warrants will be issued in connection with the private placement, each Finder’s Warrant entitling the holder to acquire one unit of the Company at a price of $0.40 per unit until
February 12, 2010.
The proceeds of the private placement will be used for general working capital and for its oil and gas project in Gabon, West Africa.
For more information please contact:
David Hodge
Director
Petrol One Corp.
Phone: (604) 676-4285
Fax: (604) 681-8240
Email: dave@petrolone.com
www.petrolone.com
This news release may contain forward-looking statements. The forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them. Actual results may differ materially as a result of any number of factors and uncertainties, many of which factors are beyond Petrol One's control. Many of these risks and uncertainties are described in Petrol One's management's discussion and analysis and other documents Petrol One files with the Canadian securities authorities.
The CNQ has neither approved nor disapproved the information contained herein.
