By Devika Patel
Knoxville, Tenn., Nov. 1 - Invicta Oil & Gas Ltd. announced it has priced a C$35 million non-brokered private placement of stock. The deal was announced as a C$40 million placement on Oct. 1.
The company will sell 62.5 million common shares at C$0.56 per share.
Settlement is expected to close Nov. 16.
A portion of the proceeds will be used to finance the closing of a previously announced deal with Cheetah Oil & Gas Ltd., its subsidiary, Cheetah BC, and Kepis & Pobe Investments Inc. in which Invicta plans to acquire 90% of Cheetah BC's shares. The balance of the proceeds will be used for exploration and working capital.
Invicta Oil & Gas is an oil and gas company based in Vancouver, B.C.
| Issuer: | Invicta Oil & Gas Ltd.
|
| Issue: | Common shares
|
| Amount: | C$35 million
|
| Shares: | 62.5 million
|
| Price: | C$0.56
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Pricing date: | Nov. 1
|
| Settlement date: | Nov. 16
|
| Stock symbol: | TSX Venture: IGG
|
| Stock price: | C$0.70 at close Oct. 31
|
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