By Sheri Kasprzak
New York, Dec. 27 - EnerGulf Resources Inc. said it has completed its previously announced private placement for C$1,329,979.
The company sold 379,994 units at C$3.50 apiece to 12 investors.
The units included one share and one warrant. The warrants are exercisable at C$5.50 each for one year.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above 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. The price per unit was lowered on Dec. 15 to C$3.50, dropping to C$1.75 million the maximum size of the deal.
Proceeds will be used for working capital.
Based in Houston, EnerGulf is an oil and natural gas exploration company.
| Issuer: | EnerGulf Resources Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1,329,979
|
| Units: | 379,994
|
| Price: | C$3.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$5.50
|
| Pricing date: | Oct. 14
|
| Downsized: | Dec. 15
|
| Settlement date: | Dec. 23
|
| Stock price: | C$5.00 at close Oct. 14
|
| Stock price: | C$3.39 at close Dec. 15
|
| Stock price: | C$2.33 at close Dec. 23
|
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