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2015

Mitra Energy Inc.
Reverse Take-Over Transaction and Subscription Receipt Financing

We acted for Mitra Energy Limited (“Mitra”), a private Bermuda company, in connection with the reverse take-over transaction of Petra Petroleum Inc. (“Petra”), a company listed on the TSX Venture Exchange. On April 21, 2015, Petra acquired all of the issued and outstanding shares of Mitra pursuant to a scheme of arrangement duly approved by the Bermuda Supreme Court (“the Arrangement”). Immediately prior to the Arrangement, Petra consolidated its shares on a 4 for 1 basis and changed its name to Mitra Energy Inc. (“MEI”). The Arrangement constituted a reverse takeover transaction of Petra pursuant to TSX Venture Exchange Policy 5.2 - Change of Business and Reverse Takeovers. We now act for MEI whose shares trade on the TSX Venture Exchange under the symbol “MTE”.

In connection with the Arrangement, Mitra completed a subscription receipt financing whereby 17,429,945 subscription receipts were sold at a price of $1.82 per subscription receipt for gross proceeds of $31.7 million. Upon completion of the Arrangement the subscription receipts converted on a one-for-one basis into a total of 17,429,945 post-consolidation shares of MEI and the proceeds of the offering were released from escrow to MEI. FirstEnergy Capital Corp. and TD Securities Inc. on behalf of a syndicate of agents including Dundee Securities Europe LLP and Jones, Gable & Company, Limited acted as agents in connection with the financing.

MEI is engaged in the business of exploration and development of oil and gas resources in Southeast Asia with a portfolio of exploration assets and discoveries within awarded acreage across the Philippines, Vietnam and Indonesia.