By Sheri Kasprzak
New York, April 6 - Foothills Resources, Inc. said it has concluded a $10,768,106 private placement.
The company sold 15,383,009 units at $0.70 each to a group of institutional and accredited investors.
The units consist of one share and one warrant for three-quarters of a share. The whole warrants are exercisable at $1.00 each for five years.
A total of $6,780,606 of the proceeds was received in cash and the rest was received in the form of canceled debt.
The offering was conducted as part of Foothills' stock-for-stock merger with Brasada California, Inc., an oil and natural gas exploration and acquisition company.
Also, to facilitate the merger, Foothills provided a 9% bridge loan for $3,987,500 to Brasada.
Based in Launceston, England, Foothills is a mineral exploration company.
| Issuer: | Foothills Resources, Inc.
|
| Issue: | Units of one share and one warrant for three-quarters of a share
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| Amount: | $10,768,106
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| Units: | 15,383,009
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| Price: | $0.70
|
| Warrants: | One warrant for three-quarters of a share per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Settlement date: | April 6
|
| Stock symbol: | OTCBB: FTRS
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