Aug 28 (Reuters) - Petrolia Inc PEA.V :
* Petrolia announces closing of the Pieridae private placement and third amendment to arrangement agreement
* Entered agreement with Pieridae to amend certain provisions of arrangement agreement executed on May 15, 2017, with Pieridae
* Pieridae, co agreed to lower exchange ratio by which each Pieridae share will be exchanged for Amalco shares from 2.74123 to 2.2057526
* Expected co's shareholders to hold about 18.40%, Pieridae shareholders to hold about 81.60% of outstanding Amalco shares after deal completion
* Based on foregoing amendment, value to be paid for Pétrolia common shares has been increased to $0.4723 per share