SEC Form 4 · accession 0001580695-18-000521
Petrolia Energy Corp · BBLS
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Joel Martin Oppenheim
Director
Period of report
Sep 30, 2018
Accepted (ET)
Dec 7, 2018 · 3:57 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001368637
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common SharesF1 | Nov 9, 2018 | P | 175,932 | $0.06 | A | 6,295,122 | D | |
| Common Shares (Restricted)F2 | Nov 13, 2018 | A | 312,500 | $0.08 | A | 6,607,622 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WarrantsF3,F4 | $0.10 | Sep 30, 2018 | A | 250,000 | A | Jan 1, 2019 | Jan 1, 2021 | Common | 250,000 | 4,425,833 | D |
| WarrantsF4,F5 | $0.10 | Sep 30, 2018 | A | 250,000 | A | Sep 30, 2018 | Sep 30, 2021 | Common | 250,000 | 4,675,833 | D |
| WarrantsF2,F4 | $0.10 | Oct 31, 2018 | A | 625,000 | A | Oct 31, 2018 | Nov 1, 2020 | Common | 625,000 | 5,300,833 | D |
Explanation of responses
- F1Mr. Oppenheim acquired these shares in a private third-party transaction at a market value of $0.06/share.
- F2Mr. Oppenheim participated in Private Placement #4 at $0.08/share, participants also received 2x warrants for every share, exercisable for 2 years.
- F3Mr. Oppenheim receives a 250,000-warrant issuance quarterly as part of his compensation 2018 compensation package for his service on the Board; exercisable for a 24 months period as of January 1, 2019.
- F4Each Warrant unit represents a contingent right to receive one share of Petrolia's common stock.
- F5The Transactions reported were part of a LOC agreement, where by the reporting person was to receive 250,000 warrants quarterly, exercisable for 3 years. The exercise price of the additional warrants will be based on the average common stock market price over the previous 90 days.