By Devika Patel
Knoxville, Tenn., Dec. 2 - Hemisphere Energy Corp. said it settled a C$785,000 tranche of a C$1 million non-brokered private placement of units. The deal priced Nov. 4.
The company is selling 5 million units at C$0.20 apiece. It sold 3,925,000 units in this tranche.
Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.30 for one year.
Proceeds will be used for exploration and development.
The Vancouver, B.C.-based company is engaged in the exploration and development of its oil and gas properties.
| Issuer: | Hemisphere Energy Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 5 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Dec. 1, 2010
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 4
|
| Settlement date: | Dec. 2 (for C$785,000)
|
| Stock symbol: | TSX Venture: HME
|
| Stock price: | C$0.22 at close Nov. 3
|
| Market capitalization: | C$2.57 million
|
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