By Sheri Kasprzak
New York, July 8 - EnerGulf Resources Inc. said it has increased the size of its previously announced private placement to C$1.40 million from C$1.05 million.
The company will now sell 2 million units at C$0.70 each.
The units include one share and one warrant. The warrants provide for the purchase of an additional share at C$1.15 each for one year.
The warrants had been priced at C$1.10 each when the deal was first announced May 26.
As part of the private placement, EnerGulf said it will cancel 2 million of its issued and outstanding shares held by its subsidiary, Energulf Colombiana de Petroleos Ltd.
Based in Vancouver, B.C., 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: | $1.4 million
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| Units: | 2 million
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| Price: | $0.70
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | $1.15
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| Pricing date: | May 26
|
| Upsized: | July 7
|
| Stock price: | C$0.75 at close May 26
|
| Stock price: | C$1.85 at close July 7
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