By Sheri Kasprzak
New York, Oct. 14 - EnerGulf Resources Inc. said it has priced a private placement of units for up to C$2.25 million.
The offering includes up to 500,000 units at C$4.50 each.
The units are comprised of one share and one warrant. The warrants are exercisable at C$5.50 each for one year.
The expiry of the warrants will be accelerated to 30 days if the average closing price of the company's stock is C$8.50 or more for any 20 consecutive trading-day period.
Proceeds will be used for working capital.
In other news, the company said it has granted incentive stock option to its officers and directors for up to 1,065,999 shares. A total of 150,000 shares are exercisable at C$5.10 each and 915,999 shares are exercisable at C$4.33 each through Aug. 22, 2010.
Based in Houston, EnerGulf is an oil and natural gas exploration company.
| Issuer: | EnerGulf Resources Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$2.25 million
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| Units: | 500,000
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| Price: | C$4.50
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$5.50
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| Pricing date: | Oct. 14
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| Stock price: | C$5.09 at close Oct. 13
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