Enterprise Oil cancels C$7.5 million private placement due to unfavorable market conditions

By Sheri Kasprzak

New York, June 23 - Enterprise Oil Ltd. has withdrawn its previously announced C$7.5 million private placement, citing unfavorable market conditions.

Research Capital Corp., the lead agent for the offering, reported to Enterprise's management that "current market conditions have prevented them from completing a private placement at a price that is acceptable to Enterprise Oil Ltd.," said a statement released Friday morning.

The deal was first announced, without terms, as a C$25 million offering on May 10. It was priced for C$7.5 million on June 9.

The deal had included up to 4,166,667 units of one share and one warrant at C$1.80 each.

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

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