By Sheri Kasprzak
New York, March 15 - GFI Oil & Gas Corp. said it has completed a C$20 million private placement along with the completion of its reverse takeover of WSG Group Systems Inc.
The company sold 20 million shares through placement agent Tristone Capital Inc.
Under the reverse takeover, the holders of each of WSG's 40,331,825 common shares will receive one share of the amalgamated company and the holders of the 27,570,504 shares of Duinord Petroleum Inc., a subsidiary of WSG, will receive one share of the amalgamated company.
Based in Calgary, Alta., GFI Oil is an oil and natural gas exploration company.
| Issuer: | GFI Oil & Gas Corp.
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| Issue: | Stock
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| Amount: | C$20 million
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| Shares: | 20 million
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| Price: | C$1.00
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| Warrants: | No
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| Placement agent: | Tristone Capital Inc.
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| Settlement date | March 15
|
| Stock symbol: | TSX Venture: GFI
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| Stock price: | C$1.20 at close March 15
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