By Devika Patel
Knoxville, Tenn., Nov. 7 - Deep Well Oil & Gas, Inc. settled a second and final $5 million tranche of a $10 million private placement of units on Oct. 31, according to an 8-K filed Friday with the Securities and Exchange Commission.
Deep Well raised $5 million in the first tranche on Aug. 15, the pricing date.
The company sold 10,638,297 units at $0.47 per unit in the first tranche to a single European investor. It sold 12.5 million units at $0.40 per unit in this latest tranche to the same investor.
Each unit in the first tranche consisted of one common share and a warrant.
Each warrant in the first tranche is exercisable at $0.71 for three years. Investors also received 2 million additional warrants in the first tranche, which are exercisable at $0.95 for three years.
The units in the second tranche consisted of one common share, one warrant and 0.16 of a warrant.
The whole warrants in the second tranche are exercisable at $0.60 for three years. The fractional warrants are exercisable for 0.16 of a common share at $0.80 for three years.
Proceeds will be used to drill six additional wells.
Based in Edmonton, Alta., Deep Well is an oil sands exploration company.
| Issuer: | Deep Well Oil & Gas, Inc.
|
| Amount: | $10 million
|
| Pricing date: | Aug. 15
|
| Settlement date: | Aug. 15 (for $5 million), Oct. 31 (for $5 million)
|
| Stock symbol: | Pink Sheets: DWOG
|
| Stock price: | $0.48 at close Aug. 14
|
|
|
| First tranche
|
| Issue: | Units of one common share and a warrant
|
| Amount: | $5 million
|
| Units: | 10,638,297
|
| Price: | $0.47
|
| Warrants: | 12,638,297 (one per unit, plus 2 million)
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.71 (for 10,638,297 warrants), $0.95 (for 2 million warrants)
|
|
|
| Second tranche
|
| Issue: | Units of one common share, one warrant and 0.16 of a warrant
|
| Amount: | $5 million
|
| Units: | 12.5 million
|
| Price: | $0.40
|
| Warrants: | 1.16 warrants per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.60 (for the whole warrants), $0.80 (for the fractional warrants)
|
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