By Devika Patel
Knoxville, Tenn., July 29 - Exile Resources Inc. said it completed the first tranche of a C$3.4 million non-brokered private placement of units, raising C$2.95 million. The deal priced July 3.
Exile Resources sold 22,692,459 units in this tranche. The company will sell 26,153,847 units total at C$0.13 apiece.
Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.26 for two years.
The warrants may expire sooner if the company's shares close higher than C$0.40 for any 20 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders.
Proceeds will be used for engineering evaluation of the re-entry and testing program for the well on the company's Akepo Licence and general corporate purposes.
Toronto-based Exile is an oil and natural gas exploration company.
| Issuer: | Exile Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3.4 million
|
| Units: | 26,153,847
|
| Price: | C$0.13
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.26
|
| Agent: | Non-brokered
|
| Pricing date: | July 3
|
| Settlement date: | July 29 (for C$2,950,019.67)
|
| Stock symbol: | TSX Venture: ERI
|
| Stock price: | C$0.15 at close July 2
|
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