Proceeds finance pipeline and tie-on of the Morumbi McKinley well
By Devika Patel
Knoxville, Tenn., Jan. 31 - Morumbi Oil & Gas Inc. said it completed a non-brokered private placement of units. The deal raised C$1.2 million.
The company sold 4,796,000 units at C$0.25 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.40 until Jan. 28, 2012. The strike price reflects a 33.33% premium to the Jan. 28 closing share price of C$0.30.
Proceeds will be used for the pipeline and tie-on of the Morumbi McKinley 102 12-33-65-22 well and for general corporate purposes.
Morumbi is an oil and gas company based in Calgary, Alta.
| Issuer: | Morumbi Oil & Gas Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,199,000
|
| Units: | 4,796,000
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Jan. 28, 2012
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Settlement date: | Jan. 31
|
| Stock symbol: | TSX Venture: MOC
|
| Stock price: | C$0.35 at close Jan. 31
|
| Market capitalization: | C$4.43 million
|
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