By Sheri Kasprzak
New York, July 27 - Ignis Petroleum Group Inc. said it has completed a private placement for $1.5 million.
The company sold 3 million units at $0.50 each.
The units are comprised of one share and one warrant. The warrants allow for the purchase of an additional share at $1.50 each.
So far, Ignis has received $1.2 million from the offering and will receive the remainder by Sept. 30.
Proceeds from the deal will be used to fund an upcoming well with drilling scheduled for this August.
Dallas-based Ignis is an oil and natural gas exploration company.
| Issuer: | Ignis Petroleum Group Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | $1.5 million
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| Units: | 3 million
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| Price: | $0.50
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| Warrants: | One warrant per unit
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| Warrant strike price: | $1.50
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| Settlement date: | July 26
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| Stock price: | $1.37 at close July 26
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