By Devika Patel
New York, Aug. 8 - Eurasia Energy Ltd. announced it has completed a $1 million private placement of units.
The company sold 4 million units at $0.25 per unit. Each unit consists of one share and one warrant. The warrants are exercisable at $0.25 apiece for two years.
The units, shares and warrants are restricted from trading until Aug. 1, 2008.
Proceeds will be used, in part, to cover the costs of Eurasia's defense in the legal action, which has begun against Eurasia and its chief executive officer in the Scottish Court of Session. The remaining proceeds will be used for exploration.
Based in Aberdeenshire, Scotland, Eurasia is an oil and gas exploration company.
| Issuer: | Eurasia Energy Ltd.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $1 million
|
| Units: | 4 million
|
| Price: | $0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.25
|
| Pricing date: | June 21
|
| Stock symbol: | OTCBB: EUEN
|
| Stock price: | $0.40 at close June 21
|
| Stock price: | $0.28 at close Aug. 8
|
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