Proceeds of non-brokered equity sale to be used for working capital
By Devika Patel
Knoxville, Tenn., Dec. 9 - Eco (Atlantic) Oil & Gas Ltd. announced that it will raise between C$4 million and C$6 million in a non-brokered private placement of units.
The company will sell between 6,666,667 and 10 million units at C$0.60 per unit.
Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$1.00 for 18 months. The strike price reflects a 66.67% premium to the Dec. 8 closing share price of C$0.60.
Settlement is expected Dec. 30.
Proceeds will be used for working capital.
The oil and gas exploration company is based in Toronto.
| Issuer: | Eco (Atlantic) Oil & Gas Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$4 million (minimum), C$6 million (maximum)
|
| Units: | 6,666,667 (minimum), 10 million (maximum)
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.00
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 30
|
| Stock symbol: | TSX Venture: EOG
|
| Stock price: | C$0.60 at close on Dec. 8
|
| Market capitalization: | C$8.69 million
|
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