CALGARY, ALBERTA, Nov. 26, 2009 (Marketwire) -- Americas Petrogas Inc. ("Americas" or the "Company") (TSX VENTURE:BOE) is pleased to announce that it has completed the first closing of its previously announced 11,111,112 common share private placement. The first closing consisted of 10,000,000 shares at a price of $0.45 per share for aggregate proceeds of $4,500,000. No finders fees or commissions were paid in respect of the issuance of these shares and no directors, officers or other insiders participated in the first closing. The shares are subject to a four month hold period under applicable securities laws commencing from the date of issuance. Americas expects to complete an additional closing for the remaining 1,111,112 available shares in the near term.
As previously announced, the proceeds from the Offering will be used to satisfy the costs of the installation and commissioning of the production facilities at the Company's Medanito Sur block, to continue exploration work on the Company's potash project and for general working capital purposes.
Certain statements in this Press Release constitute forward-looking statements under applicable securities legislation. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels and timing of activity and achievements to differ materially from those expressed or implied by such information.
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 THE RELEASE.