Petra Petroleum Inc. completes private placement of $31.7M in subscription receipts

Petra Petroleum (Petra) completed a private placement in connection with the proposed business combination of Petra and Mitra Energy Limited to be implemented via a scheme of arrangement in accordance with Bermuda law. Petra issued 17,429,945 subscription receipts at a price of $1.82 per subscription receipt, for aggregate gross proceeds of approximately Cdn $31.7 million. McMillan represented Tyrus Capital S.A.M., who was the lead investor along with Ontario Teachers’ Pension Plan Board and West Face Capital Inc.

Jason Chertin (Capital Markets) led the McMillan team which included Carol Samara and Prith Shankar (Business Law).