By Sheri Kasprzak
New York, Jan. 12 - Enermad Corp., the oil affiliate of Pan African Mining Corp., sealed a private placement of its stock for C$1,281,950.
The company sold, on a non-brokered basis, 2,484,455 shares at C$0.50 and C$0.55 each. The exact number of shares sold at each price could not be determined Friday.
So far, Enermad has raised C$3,001,378 from the offering.
Proceeds will be used for the acquisition of oil leases and exploration, as well as for operating expenses and working capital.
Enermad, based in Vancouver, B.C., is an oil exploration company.
| Issuer: | Enermad Corp.
|
| Issue: | Stock
|
| Amount: | C$1,281,950
|
| Shares: | 2,484,455
|
| Price: | C$0.50 and C$0.55
|
| Warrants: | No
|
| Placement agent: | Non-brokered
|
| Settlement date: | Jan. 12
|
| Stock symbol: | TSX Venture: PAF
|
| Stock price: | C$2.44 at close Jan. 12
|
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