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Energulf drops exercise price of 380,000 warrants issued in December 2005
By Laura Lutz
Des Moines, Aug. 4 - Energulf Resources Inc. reduced the exercise price of 379,994 warrants to C$1.26 from C$5.50.
The warrants were sold as part of a private placement of units on Dec. 23, 2005.
The expiry date of the warrants is Dec. 28, 2006.
If the closing price for the company's shares is C$1.58 or greater for 10 consecutive trading days, then the warrant holders will have 30 days to exercise their warrants; otherwise the warrants will expire on the 31st day.
Based in Houston, EnerGulf is an oil and natural gas exploration company.
The company's stock closed at C$1.25 on Aug. 3 (TSX Venture: ENG). On Dec. 23, 2005, the stock closed at C$2.33.
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