Non-brokered offering aims to raise funds for exploration projects
By Devika Patel
Knoxville, Tenn., Sept. 14 - EnerGulf Resources Inc. said it plans a C$4 million non-brokered private placement of units.
The company will sell 10 million units of one common share and one warrant at C$0.40 per unit.
Each warrant will be exercisable at C$0.65 for two years. The strike price represents a 49.43% premium to the C$0.435 closing share price on Sept. 13.
Proceeds will be used for the Lotshi Block and Block 1711 exploration programs in the Congo and offshore Namibia 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$4 million
|
| Units: | 10 million
|
| Price: | C$0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 14
|
| Stock symbol: | TSX Venture: ENG
|
| Stock price: | C$0.435 at close Sept. 13
|
| Market capitalization: | C$25.43 million
|
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