Petrocapita Income Trust (CNSX:PCE.UN) announced a best efforts private placement of series 1 preferred trust units at CAD 1 per unit on February 8, 2017. Each preferred unit is entitled to an annual distribution of CAD 0.09 payable quarterly in arrears and is redeemable by the investor without reduction or penalty for CAD 1.00. An accrued distribution on units from and after the 4th year anniversary of closing is retractable by the company. The closings will occur from time to time as per the discretion of the company. The transaction is part of a tied offering with its subsidiary Petrocapita Energy Corp. The company and Petrocapita Energy Corp. will together raise gross proceeds of up to CAD 20,000,000.