By Sheri Kasprzak
Atlanta, Oct. 29 - EurOmax Resources Ltd. said Friday it plans to enter the private placement market with a non-brokered C$2 million offering.
The deal consists of 5.8 million units of one share and one purchase warrant at C$0.35.
Each warrant allows for the purchase of a share at C$0.45 for one year and if the company's common shares exceed C$0.70 for 20 consecutive trading days at least six months after closing.
The private placement is being offered to arm's-length investors outside of North America.
EurOmax is a Vancouver, B.C.-based oil and gas exploration company. It plans to use the proceeds from the private placement for the development of its natural resource properties in southeastern Europe and for general corporate purposes.
| Issuer: | EurOmax Resources Ltd.
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| Issue: | Units of one share and one purchase warrant
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| Amount: | C$2 million
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| Shares: | 5.8 million units
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| Price: | C$0.35
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.45
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| Announcement date: | Oct. 28
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| Stock price: | C$0.37 at close Oct. 28
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