By Sheri Kasprzak
New York, Dec. 16 - EnerGulf Resources Inc. said it has decreased the price per unit on its previously announced private placement, lowering the proceeds to C$1.75 million from C$2.25 million.
The offering now includes up to 500,000 units at C$3.50 each.
The units are comprised of one share and one warrant. The warrants allow for the purchase of another share at C$5.50 each for one year.
The expiry of the warrants may be accelerated to 30 days if the average closing price of the company's stock is C$8.50 for more than 20 consecutive trading days.
The deal was first announced Oct. 14 as a C$2.25 million offering of up to 500,000 units at C$4.50 each.
Proceeds will be used for working capital.
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$1.75 million
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| Units: | 500,000
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| Price: | C$3.50
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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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| Downsized: | Dec. 15
|
| Stock price: | C$5.00 at close Oct. 14
|
| Stock price: | C$3.39 at close Dec. 15
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