Vancouver, British Columbia – July 4, 2008 – Mr. Chris Parent, President of Petrol One Corp. (CNQ Exchange: PONE) (the “Company”) announces that the private placement announced on May 23, 2008 with PowerOne Capital Markets Limited (“PowerOne”) has been amended so that PowerOne, as agent, has agreed to place 8,439,333 units (the “Units”) as a price of $0.60 per Unit to raise gross proceeds of $5,063,599.80. Previously, the Company announced that the placement would be for 8,333,333 units.
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 of two years commencing on the date of issue at the exercise price of $0.80.
The Company will pay PowerOne on closing a cash commission of 8% of the gross proceeds of the offering. In addition, the Company will issue to PowerOne compensation options equal to 10% of the number of Units sold having the same terms as the Units. The financing will be closed promptly upon receipt of all necessary regulatory approvals.
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.
The private placement is subject to filing satisfactory to the CNQ Exchange.
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.
