2013-02-25 22:17:30 -
NAIROBI, KENYA -- (Marketwire) -- 02/25/13 -- Keith Hill (the "Acquiror") wishes to announce that he has acquired ownership of 3,036,053 units (each, a "Unit") of Petro Vista Energy Corp. (the "Company") at a price of $0.375 per Unit, following the conversion of debt owed by the Company under loans previously provided by the Acquiror. Each Unit is comprised of one common share of the Company and one common share purchase warrant (each, a "Warrant") exercisable into one common share at a price of $0.50 if exercised prior to February 22, 2018. Prior to the acquisition of the Units, the Acquiror owned 275,058 common shares or 3.2% of the Company. The Acquiror and the Company have entered into debt settlement agreements providing for full and final satisfaction of the debt owed by the Company to the Acquiror in consideration of the issuance of Units.
At present, the Acquiror owns an aggregate of 3,311,111 common shares, or approximately 11.25% of the Company's issued and outstanding share capital. The Acquiror also holds the Warrants for the purchase of an additional 3,036,053 common shares of the Company. Upon the exercise of these warrants in full, the Acquiror would own a total of 6,347,164 common shares, or approximately 19.52% of the Company's then issued and outstanding share capital, assuming no other shares of the Company are issued.
The Units were issued to the Acquiror pursuant to section 2.14 of National Instrument 45-106. The Acquiror acquired the Units for the settlement of debt and may acquire further securities of the Company for investment purposes, on the TSX Venture Exchange or privately, from time to time.
This news release is being issued pursuant to Part 3 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the report filed by the Acquiror in connection with the acquisition of the Units is available on the Company's SEDAR profile, and it can also be obtained directly from the Acquiror by contacting him at the number shown above.
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.
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