By Sheri Kasprzak
Atlanta, March 21 - CGX Energy Inc. said it has closed an oversubscribed private placement of units for $8,412,000.
The company sold 10,515,000 units at $0.80 each.
The units are comprised of one share and one half-share warrant. The whole warrants allow for an additional share at $1.10 each for 18 months.
The deal was first announced March 7 as a $5 million offering of 6.25 million units under the same terms.
Sprott Asset Management purchased 6.25 million units.
Based in Toronto, CGX is an oil and gas exploration company. The company plans to use the proceeds to fund exploration offshore Guyana.
| Issuer: | CGX Energy Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $8,412,000
|
| Units: | 10,515,000
|
| Price: | $0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | $1.10
|
| Pricing date: | March 7
|
| Settlement date: | March 21
|
| Stock price: | $0.90 at close March 7
|
| Stock price: | $0.82 at close March 21
|
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