Azimuth subscribes for C$3 million, will help fund 3-D seismic surveys
By Angela McDaniels
Tacoma, Wash., Jan. 9 - Eco (Atlantic) Oil & Gas Ltd. sold 9,874,682 units in a non-brokered private placement. The price was C$0.60 per unit for a total of C$5.92 million, according to a company news release.
Each unit consists of one common share and half of a warrant. Each full warrant is exercisable at $1.00 for 18 months. The strike price is a 75.4% premium to the company's C$0.57 closing share price on Friday.
Azimuth Ltd., an exploration and production company jointly owned by Seacrest Capital Ltd. and Petroleum Geo-Services ASA, has subscribed for C$3 million. It will also acquire a 20% working interest in each of Eco (Atlantic)'s offshore Namibia licenses in return for financing 40% of the cost of 3-D seismic surveys.
Eco Atlantic is a Toronto-based company that explores for oil and gas in Namibia.
| Issuer: | Eco (Atlantic) Oil & Gas Ltd.
|
| Issue: | Units of one common share and half of a warrant
|
| Amount: | C$5,924,809
|
| Units: | 9,874,682
|
| Price: | C$0.60
|
| Warrants: | Half a warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.00
|
| Agent: | Non-brokered
|
| Investor: | Azimuth Ltd. (for C$3 million)
|
| Pricing date: | Jan. 9
|
| Stock symbol: | TSX Venture: EOG
|
| Stock price: | C$0.57 at close Jan. 6
|
| Market capitalization: | C$28.73 million
|
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