By Devika Patel
Knoxville, Tenn., Jan. 4 - La Cortez Energy, Inc. settled a $2.5 million private placement of units on Dec. 29, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 1,428,571 units at $1.75 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at $3.00 for three years.
Proceeds will be used for appraisal of the Mirto field and for investments in the Putumayo-4 block, as well as for other oil and gas exploration and production opportunities in Colombia and for general working capital.
La Cortez is an early stage oil and gas exploration and production company based in San Diego.
| Issuer: | La Cortez Energy, Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $2.5 million
|
| Units: | 1,428,571
|
| Price: | $1.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $3.00
|
| Settlement date: | Dec. 29
|
| Stock symbol: | OTCBB: LCTZ
|
| Stock price: | $2.70 at close Dec. 29
|
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