By Devika Patel
Knoxville, Tenn., July 7 - Hemisphere Energy Corp. said it arranged a C$1 million non-brokered private placement of units.
The company will sell 5 million units at C$0.20 apiece. 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, acquisitions and general corporate purposes.
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: | One year
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | July 7
|
| Stock symbol: | TSX Venture: HME
|
| Stock price: | C$0.19 at close July 6
|
| Market capitalization: | C$3.13 million
|
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