By Laura Lutz
Des Moines, Jan. 12 - Derek Oil & Gas Corp. closed a private placement of units for C$1,643,250.
The company sold 4.695 million units of one share and one half-share warrant at C$0.35 per unit. Each whole warrant will be exercisable at C$0.50 for two years.
Proceeds of the non-brokered placement will be used for an upcoming drill program and for working capital.
Derek is an oil and gas company based in Vancouver, B.C.
| Issuer: | Derek Oil & Gas Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1,643,250
|
| Units: | 4.695 million
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Settlement date: | Jan. 12
|
| Stock symbol: | TSX Venture: DRK
|
| Stock price: | C$0.375 at close Jan. 12
|
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