By Sheri Kasprzak
New York, Feb. 2 - Dynamic Resources Corp. snagged $1.2 million from a private placement.
The company sold 15 million units at $0.08 each.
The units consist of one share and one warrant with each warrant exercisable at $0.16 for two years.
Proceeds will be used for exploration and development on the company's properties in Cotton Valley, La., and Palo Duro and LaSalle counties in Texas. The rest will be used for working capital.
Las Vegas-based Dynamic is an oil and natural gas exploration company.
| Issuer: | Dynamic Resources Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $1.2 million
|
| Units: | 15 million
|
| Price: | $0.08
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.16
|
| Settlement date: | Feb. 2
|
| Stock symbol: | Pink Sheets: DYRFF
|
| Stock price: | $0.17 at close Feb. 2
|
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