Enterprise Oil arranges C$25 million private placement of units

By Sheri Kasprzak

New York, May 10 - Enterprise Oil Ltd. priced a C$25 million PIPE.

The pricing terms of the deal have not yet been determined, but the deal will be structured as units of one share and one warrant with each warrant exercisable for one year.

Research Capital Corp. is the placement agent.

The proceeds will be used for potential acquisitions and for working capital.

Located in St. Albert, Alta., Enterprise is an oil and natural gas exploration.

On Wednesday, the company's stock gained 8 cents to close at C$2.64 (TSX Venture: EON).

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