Alvopetro Inc. announced a non-brokered private placement of up to 20,000,000 common shares at CAD 0.05 per share for gross proceeds of 5,000,000 on May 31, 2013. The securities issued will be subject to a hold period of four months.

On the same day, the company closed the first tranche of the transaction. The company issued 5,446,000 common shares for gross proceeds of CAD 1,361,500. The company paid finder's fees of CAD 93,555.

On June 20, 2013, Fortaleza Energy Inc. closed the transaction. The company issued 2,300,000 shares for gross proceeds of CAD 575,000 in the second tranche. The company paid finder's fees of CAD 40,250.