Pétrolia Inc. has announced that it has closed the CAN$5 150 000 investment that was initially announced on 1 September 2015. This represents the first phase of financing the Bourque property. A private placement of CAN$2 881 800 was also invested by Ressources Québec. In addition to this, a sum of CAN$918 200 was also invested by Ressources Québec in the Bourque property through a joint venture (JV) between Québec Ressources, Pétrolia and TUGLIQ Energy Corp. TUGLIQ’s investment through the JV in the Bourque property totalled CAN$1 350 000.
This investment will help initiate the first phase of the Bourque property’s resource confirmation programme. Pétrolia has also filed permit applications for the programme with the Ministère de l'Énergie et des Ressources Naturelles. This programme will enable Pétrolia and TUGLIQ to start their LNG extraction and liquefaction pilot project, with possible revenue for Pétrolia in 2016.
Edited from press release by David Rowlands
Read the article online at: https://www.lngindustry.com/liquefaction/09112015/petrolia-closes-can5150000-investment-in-the-bourque-property-1592/