By Sheri Kasprzak
New York, Aug. 30 - Exxel Energy Corp. said it plans to raise $9 million in a non-brokered private placement.
The offering includes 1.8 million units at $5.00 each to one institutional investor.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of an additional share at $7.50 each for two years.
The expiry of the warrants will be accelerated to 10 days if the company's stock trades above $10.00 per share for more than 20 consecutive trading days.
The proceeds will be used for property acquisition and working capital.
Based in Vancouver, B.C., Exxel is an oil and natural gas exploration company.
Issuer: | Exxel Energy Corp.
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Issue: | Units of one share and one half-share warrant
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Amount: | $9 million
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Units: | 1.8 million
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Price: | $5.00
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | $7.50
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Pricing date: | Aug. 30
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Stock price: | $6.2441 at close Aug. 30
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