By Sheri Kasprzak
New York, April 20 - Foothills Resources, Inc. has settled its previously announced private placement for $12 million, including a $10,768,106 tranche closed on April 6.
The company issued a total of 17,142,856 units of one share and one warrant for three-quarters of a share at $0.70 each.
The whole warrants are exercisable at $1.00 each for five years.
Foothills completed the first tranche of the deal on April 6, selling 15,383,009 units.
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.
The majority of the proceeds will be used for working capital.
In other news, Foothills said it has named Frank P. Knuettel to its board of directors.
Based in Launceston, England, Foothills is an oil and natural gas exploration, acquisition and production company.
| Issuer: | Foothills Resources, Inc.
|
| Issue: | Units of one share and one warrant for three-quarters of a share
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| Amount: | $12 million
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| Units: | 17,142,856
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| Price: | $0.70
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| Warrants: | One warrant for three-quarters of a share per unit
|
| Warrant expiration: | Five years
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| Warrant strike price: | $1.00
|
| Settlement date: | April 20
|
| Stock symbol: | OTCBB: FTRS
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| Stock price: | $2.84 at close April 19
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