Non-brokered deal funds Lotshi Block and Block 1711, working capital
By Devika Patel
Knoxville, Tenn., Sept. 12 - EnerGulf Resources Inc. said it has negotiated a C$2 million non-brokered private placement of units.
The company will sell 10 million units of one common share and one warrant at C$0.20 per unit.
Each warrant is exercisable at C$0.35 for two years. The strike price reflects a 94.44% premium to the Sept. 11 closing share price of C$0.18.
Proceeds will be used for the Lotshi Block and Block 1711 projects 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$2 million
|
| Units: | 10 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 12
|
| Stock symbol: | TSX Venture: ENG
|
| Stock price: | C$0.18 at close Sept. 11
|
| Market capitalization: | C$12.37 million
|
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