By Devika Patel
Knoxville, Tenn., May 11 - Anglo Canadian Oil Corp. said it has completed a C$5 million private placement of shares and units via agent Mackie Research Capital Corp.
The company sold 17.5 million flow-through common shares at C$0.20 each, generating C$3.5 million of proceeds. Anglo Canadian also sold 8,333,334 units at C$0.18 apiece for C$1.5 million.
Each unit consists of one share and one half-share warrant, with each whole warrant exercisable at C$0.25 for one year.
Proceeds will be used for drilling and evaluating Anglo Canadian's newly acquired Nordegg oil shale property in West Central Alberta as well as operations on Anglo Canadian's Southwest Saskatchewan Bakken oil bearing lands and for general corporate purposes.
Anglo Canadian is a Calgary, Alta.-based petroleum and natural gas company.
| Issuer: | Anglo Canadian Oil Corp.
|
| Issue: | Flow-through common shares, units of one share and one half-share warrant
|
| Amount: | C$5 million
|
| Agents: | Mackie Research Capital Corp.
|
| Settlement date: | May 11
|
| Stock symbol: | TSX Venture: ACG
|
| Stock price: | C$0.32 at close May 10
|
| Market capitalization: | C$22.5 million
|
|
|
| Flow-through shares
|
| Amount: | C$3.5 million
|
| Shares: | 17.5 million
|
| Price: | C$0.20
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$1.5 million
|
| Units: | 8,333,334
|
| Price: | C$0.18
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.25
|
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