Company sells 83,388,726 shares at $0.30 apiece to fund exploration
By Angela McDaniels
Tacoma, Wash., Feb. 17 - Gulf United Energy, Inc. released further details about its $25.02 million private placement of shares in an 8-K filing with the Securities and Exchange Commission on Thursday.
The company sold 83,388,726 shares for $0.30 each to seven institutional investors on Feb. 15 through agent Pritchard Capital Partners, LLC.
The per-share price is a 28.57% discount to the Feb. 15 closing share price of $0.42.
If the shares have not been registered for resale within 120 days of closing, the company must pay the investors, pro rata, 0.5% of the purchase price of the shares for each 30-day period of delay, subject to a maximum of 1.5%.
Proceeds will be used for exploration in Colombia and Peru and working capital purposes.
The natural gas company is based in Houston.
| Issuer: | Gulf United Energy, Inc.
|
| Issue: | Common shares
|
| Amount: | $25,016,617.80
|
| Shares: | 83,388,726
|
| Price: | $0.30
|
| Warrants: | No
|
| Agent: | Pritchard Capital Partners, LLC
|
| Settlement date: | Feb. 15
|
| Stock symbol: | OTCBB: GLFE
|
| Stock price: | $0.49 at close Feb. 16
|
| Market capitalization: | $179.33 million
|
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