Canadian oil and gas properties exploration and production company Perisson Petroleum Corporation announced that it has inked an investment agreement with Lan-cheng Limited, general partner to China-based private investment fund Lan-cheng Westcity LP.
Lan-cheng Westcity has agreed to buy up to 52.4 million units of Perisson at an approximate price of $0.95413 per unit for aggregate gross proceeds of up to $50 million.
Each unit shall consist of one common share of Perisson Petroleum and one non-transferrable put option. The unit shares will represent about 5 percent of the total issued common shares of Perisson Petroleum after closing.
Perisson plans to use the funds from the financing to purchase oil and gas properties in Canada.