By Devika Patel
Knoxville, Tenn., Dec. 12 - Greentree Gas & Oil Ltd. announced it has raised C$316,074 in the second tranche of a C$1.25 million private placement of units and shares. The company has raised C$718,674 thus far.
The deal priced Oct. 30 and was amended on Dec. 7. The company took in C$402,600 in the first tranche. A final tranche is expected to close on Dec. 20.
The company sold 2,629,854 units and 178,599 flow-through common shares in this tranche. It sold 3,131,363 units in the first tranche.
When the deal was amended on Dec. 7, the company said it intended to sell a total of C$1 million of units, or 9,090,909 units, at C$0.11 apiece and up to C$250,000 of flow-through shares, or 1,666,667 shares, at C$0.15 each.
It said it would sell C$625,000 of units and C$625,000 of flow-through shares when the deal priced.
As previously reported, each unit consists of one common share and one warrant, with each warrant exercisable at C$0.16 for a year.
Capital Street Group Investment Services, Inc. is the agent.
Greentree will pay Capital Street a 10% finder's fee for a portion of the deal.
Proceeds will be used to finance evaluation of additional shallow oil properties, to rework and re-stimulate existing producing wells, to enhance production and to reduce outstanding debt.
London, Ont.-based Greentree is a junior oil and gas exploration and production company. The company focuses on its core areas in southwestern Ontario, where it continues to explore and develop long-life reserves of natural gas and light oil.
| Issuer: | Greentree Gas & Oil Ltd.
|
| Issue: | Flow-through common shares, units of one common share and one warrant
|
| Amount: | C$1.25 million
|
| Agent: | Capital Street Group Investment Services, Inc.
|
| Fees: | 10%
|
| Pricing date: | Oct. 30
|
| Amended: | Dec. 7
|
| Settlement date: | Dec. 7 (for C$402,600), Dec. 12 (for C$316,074)
|
| Stock symbol: | TSX Venture: GGO
|
| Stock price: | C$0.14 at close Oct. 29
|
|
|
| Shares
|
| Amount: | C$250,000
|
| Shares: | 1,666,667
|
| Price: | C$0.15
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 9,090,909
|
| Price: | C$0.11
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.16
|
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