Investors include Azimuth; proceeds fund working capital
By Devika Patel
Knoxville, Tenn., Nov. 8 - Eco (Atlantic) Oil & Gas Ltd. said it will conduct a C$3.2 million non-brokered private placement of stock. Azimuth Ltd. is among the investors.
The company will sell 8 million common shares at C$0.40 apiece, an 8.11% premium to the Nov. 7 closing share price of C$0.37.
Settlement is expected on Nov. 16.
Proceeds will be used for working capital purposes.
Eco (Atlantic) is an oil and gas exploration company in Toronto.
| Issuer: | Eco (Atlantic) Oil & Gas Ltd.
|
| Issue: | Common shares
|
| Amount: | C$3.2 million
|
| Shares: | 8 million
|
| Price: | C$0.40
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Azimuth Ltd.
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 16
|
| Stock symbol: | TSX Venture: EOG
|
| Stock price: | C$0.37 at close Nov. 7
|
| Market capitalization: | C$22.52 million
|
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