Petrolia NOCO AS (OTCNO:PNO) announced a private placement of 11,812,928 shares at NOK 3.50 per share for gross proceeds of NOK 41,345,248 on September 15, 2020. The company has issued 10% stake in the company. The transaction included participation from 20 largest shareholders and lenders including returning investors Petrolia AS for 5,894,651 shares, Serious AS for 19,222 shares, Increased Oil Recovery AS for 1,430,682 shares, Larsen Oil & Gas AS for 490,737 shares, and Time Critical Petroleum Resources AS for 483,980 shares. Petrolia AS holds 48,484,331 shares to retain its 49.9% stake, Serious AS holds 216,906 shares, Increased Oil Recovery AS holds 16,144,165 shares, Larsen Oil & Gas AS holds 5,537,595 shares, and Time Critical Petroleum Resources AS holds 5,461,346 shares, upon closing of the transaction. The transaction has been approved as per authorization granted by annual general meeting on August 28, 2020.