By Sheri Kasprzak
New York, July 29 - Energem Resources Inc. said it has closed a private placement for C$36.6 million.
The Vancouver, B.C.-based mineral, diamond, oil and natural gas exploration company issued 12 million units at C$3.05 each.
The units consist of one share and one warrant. The warrants allow for the purchase of an additional share at C$3.45 each through July 29, 2008.
Proceeds will be used to purchase titles to upstream oil and gas assets in Africa and to service ongoing obligations under production-share agreements. The remainder will be used for working capital and general corporate purposes.
| Issuer: | Energem Resources Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$36.6 million
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| Units: | 12 million
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| Price: | C$3.05
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| Warrants: | One warrant per unit
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| Warrant expiration: | July 29, 2008
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| Warrant strike price: | C$3.45
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| Settlement date: | July 29
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| Stock price: | C$3.20 at close July 29
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