By Devika Patel
Knoxville, Tenn., June 22 - La Cortez Energy, Inc. completed a $6.08 million tranche of a $15 million private placement of units on June 19, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company is selling up to 12 million units at $1.25 apiece. Each unit consists of one common share and one warrant. Each warrant is exercisable at $2.00 for five years.
La Cortez sold 4.86 million units in this tranche.
Settlement is expected June 30.
The company plans to use the proceeds to continue developing its working interest in the Maranta block and its expected working interest in the Putumayo 4 block in Colombia, to fund other potential oil and gas exploration and production opportunities in Colombia and in Peru and for general working capital purposes.
La Cortez is an early stage oil and gas exploration and production company based in San Diego.
| Issuer: | La Cortez Energy, Inc.
|
| Issue: | Units one common share and one warrant
|
| Amount: | $15 million
|
| Units: | 12 million
|
| Price: | $1.25
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| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.00
|
| Settlement date: | June 19 (for $6,075,000), June 30
|
| Stock symbol: | OTCBB: LCTZ
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| Stock price: | $2.00 at close June 19
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