Proceeds slated for well development, exploration, development program
By Devika Patel
Knoxville, Tenn., April 1 - Grand Gulf Energy Ltd. said it settled a A$1.82 million private placement of stock.
The company sold 364,051,103 shares at A$0.005 per share, a 50% discount to A$0.01, the closing share price on March 31.
Investors also received 182,025,552 free attaching options.
Proceeds will fund the Thibodeaux #1 well at La Posada, the Dugas & Leblanc #3 development well at Napoleonville, the Desiree #1 oil exploration well at Napoleonville and the geological and geophysical exploration and development program at Napoleonville.
Perth, Australia's Grand Gulf Energy is an oil and gas explorer.
| Issuer: | Grand Gulf Energy Ltd.
|
| Issue: | Shares
|
| Amount: | A$1,820,256
|
| Shares: | 364,051,103
|
| Price: | A$0.005
|
| Options: | 182,025,552
|
| Settlement date: | April 1
|
| Stock symbol: | Australia: GGE
|
| Stock price: | A$0.006 at close April 1
|
| Market capitalization: | A$5.64 million
|
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