By Sheri Kasprzak
New York, March 21 - Elk Petroleum Ltd. has priced an A$11.7 million private placement of stock, set to close in two tranches.
The deal includes 18 million shares at A$0.65 each. The price per share is an 18.75% discount to the company's A$0.80 closing stock price on March 21.
The first tranche will consist of 6.4 million shares, and the second will comprise the remaining 11.6 million shares. The final tranche will be closed upon shareholder approval following the shareholders' meeting in late April.
Proceeds will be used for appraisals on the company's Upper Sand Unit and Grieve Oil Fields, as well as for the acquisition and processing of three-dimensional seismic data on the Grieve property.
Based in West Perth, Western Australia, Elk is an oil and natural gas exploration company.
| Issuer: | Elk Petroleum Ltd.
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| Issue: | Stock
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| Amount: | A$11.7 million
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| Shares: | 18 million
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| Price: | A$0.65
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| Warrants: | No
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| Pricing date: | March 21
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| Stock symbol: | Australia: ELK
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| Stock price: | A$0.80 at close March 21
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