Company sells units of shares, warrants to two investors at $0.07 each
By Devika Patel
Knoxville, Tenn., Nov. 15 - Deep Well Oil & Gas, Inc. completed a private placement of units with two investors on Nov. 9, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 29,285,713 units of one common share and one warrant at $0.07 apiece for $2.05 million.
Each warrant is exercisable at $0.105 for three years. The strike price is a 50% premium to $0.07, the Nov. 8 closing share price.
Proceeds will be used by the company to conduct engineering, construction and other operations for its recently approved cyclical steam stimulation production test.
Based in Edmonton, Alta., Deep Well is an oil sands exploration company.
| Issuer: | Deep Well Oil & Gas, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $2.05 million
|
| Units: | 29,285,713
|
| Price: | $0.07
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.105
|
| Settlement date: | Nov. 9
|
| Stock symbol: | Pink Sheets: DWOG
|
| Stock price: | $0.06 at close Nov. 12
|
| Market capitalization: | $8.49 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
