PARK PLACE ENERGY INC. (OTCMKTS:PKPL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into Material Definitive Agreement
On January 17, 2017, Park Place Energy Inc. (Park Place or the
Company) entered into private placement subscription agreements
for the sale of an aggregate of 5,075,000 units. to the
agreements, the Company issued 5,075,000 units at a purchase
price of $0.20 per unit, for total proceeds of $1,015,000. Each
unit consists of one share of the Companys common stock and one
common share purchase warrant. Each share purchase warrant is
exercisable into one share of the Companys common stock on or
before January 17, 2018 at a price of $0.40 per share. As a
result of this placement, the Company issued 5,075,000 shares of
commons stock, increasing the total issued and outstanding shares
of the Company to 55,356,482.
Item 2.01 Completion of Acquisition or Disposition of
Assets
On January 18, 2017, Park Place completed the acquisition of
three oil and gas exploration and production companies operating
in Turkey from Tiway Oil B.V. (Tiway). As previously announced,
in December 2015, Park Place entered into a Share Purchase
Agreement with Tiway to acquire the three subsidiaries of Tiway
(the Tiway Companies). The Tiway Companies are oil and gas
exploration and production companies operating in Turkey. They
own interests in 3 producing oil and gas fields in Turkey, one
offshore and two onshore, as well as a number of exploration
licenses. They also operate one of the onshore fields. The
purchase price was $2.1 million USD. The effective date of the
transaction is January 1, 2016.
The sources of funds used in the acquisition were proceeds from
the private placement described in Items 1.01 and 3.02 of this
Form 8-K, and loans described in the Companys Form 8-K dated as
of November 3, 2016 and filed on January 20, 2017.
Item 3.02 Unregistered Sales of Equity
Securities
On January 17, 2017, the Company issued an aggregate of 5,075,000
shares of its common stock and 5,075,000 share purchase warrants
to the private placement subscription agreements referred to in
Item 1.01 above. The Company issued these securities to
twenty-two (22) accredited investors (as that term is defined in
Section 4(2) of the Securities Act of 1933) to the exemption from
registration provided for under Rule 506 of Regulation D,
promulgated under the United States Securities Act of 1933, as
amended.
Item 9.01 – Financial Statements and Exhibits
(d) Exhibits.
The following exhibits are furnished in accordance with the
provisions of Item 601 of Regulation S-K:
| Exhibit Number | Description | |
| 99.1* | Park Place Press Release dated January 18, 2017 |
| * | Included herewith. |
About PARK PLACE ENERGY INC. (OTCMKTS:PKPL)
Park Place Energy Inc. is an energy company. The Company is engaged in exploration for oil and natural gas, primarily in the Dobrich region of northeast Bulgaria. The Company’s Vranino project is situated in close proximity to a gas pipeline in northeast Bulgaria. The Company intends to initially drill approximately five exploration wells. The Company’s oil and gas properties are located in Bulgaria. The Company has not generated any revenues. PARK PLACE ENERGY INC. (OTCMKTS:PKPL) Recent Trading Information
PARK PLACE ENERGY INC. (OTCMKTS:PKPL) closed its last trading session down -0.006 at 0.230 with 6,968 shares trading hands.
