By Devika Patel
Knoxville, Tenn., Feb. 1 - EnerGulf Resources Inc. said it has completed a private placement of units, raising C$8.8 million. The deal priced Dec. 12.
The company sold 8 million units at C$1.10 each. The units are comprised of one share and one warrant. The warrants are exercisable at C$1.35 each for one year.
EnerGulf paid C$110,139.92 in finder's fees and issued 186,900 finder's units. Each finder's unit has the same terms as the units sold in the deal.
Proceeds will be used for drilling, exploration and general working capital.
Based in Houston, EnerGulf is an oil and natural gas exploration company.
| Issuer: | EnerGulf Resources Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$8.8 million
|
| Units: | 8 million
|
| Price: | C$1.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.35
|
| Fees: | C$110,139.92, 186,900 finder's units
|
| Pricing date: | Dec. 12
|
| Settlement date: | Feb. 1
|
| Stock symbol: | TSX Venture: ENG
|
| Stock price: | C$1.16 at close Dec. 11
|
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