By Susanna Moon
Chicago, July 5 - Enhanced Oil Resources Inc. said it placed C$8.99 million of units in a private placement.
The company issued 7.25 million units at C$1.24 each.
Each unit consists of one share one half-share non-transferable purchase warrant, with each whole warrant exercisable at C$1.80 until July 4, 2009.
Proceeds will help finance a pressure-depleted oil field in New Mexico and for general corporate purposes.
The placement was non-brokered.
Enhanced Oil Resources, formerly Ridgeway Petroleum Corp., is a Houston-based company that appraises and develops helium and carbon dioxide projects.
| Issuer: | Enhanced Oil Resources Inc.
|
| Issue: | Units of one share and one non-transferable warrant
|
| Amount: | C$8.99 million
|
| Units: | 7.25 million
|
| Price: | C$1.24
|
| Warrants: | One non-transferable warrant per unit
|
| Warrant expiration: | July 4, 2009
|
| Warrant strike price: | C$1.80
|
| Placement agent: | Non-brokered
|
| Pricing date: | July 5
|
| Stock symbol: | TSX Venture: EOR
|
| Stock price: | C$1.68 at close July 4
|
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