Petrocapita Income Trust (CSE:PCE.UN) announced a best efforts private placement on of up to 20,000,000 series 1 preferred units at a price of CAD 1 per unit for gross proceeds of up to CAD 20,000,000 in June 17, 2016. The minimum subscription is 1,000 preferred units, which will enable the holder to subscribe for up to 250 shares. The company will pay annual distributions of CAD 0.09 per unit payable quarterly in arrears. The annual distributions will be redeemable by the holder from and after the 4th year anniversary of its issuance date, and be retractable by the company. The preferred units will be non-voting.