By Sheri Kasprzak
New York, Dec. 23 - Leroy Ventures Inc. said it has negotiated a private placement for up to C$2,125,000.
The company plans to sell up to 5 million units at C$0.425 each.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at C$0.80 each for one year.
Separately, the company announced that it intends to acquire from Reconnaissance Energy Corp. an existing natural gas well and a multiple well drilling opportunity in west-central Alberta in exchange for 3 million shares.
Proceeds from the financing will be used for the acquisition. The offering is expected to close Jan. 31.
Based in Vancouver, B.C., Leroy is an oil and natural gas exploration company.
| Issuer: | Leroy Ventures Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$2,125,000 (maximum)
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| Units: | 5 million (maximum)
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| Price: | C$0.425
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.80
|
| Pricing date: | Dec. 22
|
| Settlement date: | Jan. 31
|
| Stock price: | C$0.90 at close Dec. 22
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