By Devika Patel
Knoxville, Tenn., April 14 - EnerGulf Resources Inc. said it has arranged a non-brokered private placement of units to raise up to C$3.15 million.
The company will sell up to 9 million units at C$0.35 each. The units are comprised of one common share and one warrant. The two-year warrants are exercisable at C$0.50 during the first year and at C$0.75 during the second year.
Proceeds will be applied to the upcoming seismic survey and work program on the Lotshi Block project, the anticipated work program for Block 1711 and for general working capital.
Based in Houston, EnerGulf is an oil and natural gas exploration company.
| Issuer: | EnerGulf Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3.15 million
|
| Units: | 9 million
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50 during the first year, C$0.75 during the second year
|
| Agent: | Non-brokered
|
| Pricing date: | April 14
|
| Stock symbol: | TSX Venture: ENG
|
| Stock price: | C$0.405 at close April 13
|
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