By Sheri Kasprzak
New York, April 5 - Daybreak Oil and Gas, Inc. said it has negotiated a private placement for up to $5 million and at least $1.5 million.
The company hopes to sell up to 3,333,333 units and at least 1 million units at $1.50 each.
The company sold 1 million units of one share and one warrant.
Each whole warrant is exercisable at $2.00 for five years.
As of March 29, the company has issued 1,114,869 units for proceeds of $1,672,304.
Placement agent Bathgate Capital Partners has a greenshoe for up to 1 million units.
Located in Spokane, Wash., Daybreak is an oil and natural gas exploration company.
| Issuer: | Daybreak Oil and Gas, Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | $5 million (maximum); $1.5 million (minimum)
|
| Greenshoe: | For up to $1 million
|
| Units: | 3,333,333 (maximum); 1 million (minimum)
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| Price: | $1.50
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.00
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| Placement agent: | Bathgate Capital Partners
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| Pricing date: | March 3
|
| Announcement date: | April 5
|
| Stock symbol: | OTCBB: DBRM
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| Stock price: | $2.30 at close April 5
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