By Sheri Kasprzak
New York, Feb. 24 - Delta Oil and Gas, Inc. said it has settled its previously announced private placement for $2 million with altered terms.
The company issued 727,272 units at $2.75 each.
The units include one share and one warrant. The warrants are exercisable at $3.00 each for three years.
The price per share was reduced from the previously announced $4.40 after negotiations with investors due to market conditions.
The deal priced Feb. 3 as a $1,997,600 offering of 454,000 shares at $4.40 each.
Proceeds will be used for expenses related to the company's drilling on the Hillspring and Todd Creek properties in the southern Alberta foothills, as well as drilling in the Cache Slough prospect in California.
Based in Seattle, Delta is an oil and natural gas exploration and development company.
Issuer: | Delta Oil and Gas, Inc.
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Issue: | Units of one share and one warrant
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Amount: | $2 million
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Units: | 727,272
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Price: | $2.75
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Warrants: | One warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | $3.00
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Pricing date: | Feb. 3
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Settlement date: | Feb. 24
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Stock symbol: | OTCBB: DOIG
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Stock price: | $3.75 at close Feb. 3
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Stock price: | $2.25 at close Feb. 23
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