By Laura Lutz
Des Moines, Aug. 16 - L.G.R. Resources Ltd. closed a private placement of subscription receipts for C$2,494,694.
The company sold 9,239,606 subscription receipts at C$0.27 apiece.
The subscription receipts were immediately exchanged upon execution and approval of petroleum agreements between Stream Oil & Gas Ltd. and Albpetrol SA. The subscription receipts were exchanged for a total of 9,239,606 common shares and 4,619,803 non-transferable warrants.
Each warrant is exercisable at C$0.40 for two years.
Haywood Securities (UK) Ltd. and Haywood Securities Inc. acted as agents.
Of the proceeds, up to US$1 million will be advanced to Stream under the agreements. The rest will be used to reduce payables and to fund the company's planned business combination with Stream as well as for working capital.
That business combination is expected to be completed by Nov. 30.
L.G.R. is a resource company based in Vancouver, B.C.
| Issuer: | L.G.R. Resources Ltd.
|
| Issue: | Subscription receipts exchangeable for one share and one half-share warrant
|
| Amount: | C$2,494,694
|
| Subscription receipts: | 9,239,606
|
| Price: | C$0.27
|
| Warrants: | One half-share warrant per subscription receipt upon exchange
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agents: | Haywood Securities (UK) Ltd., Haywood Securities Inc.
|
| Announcement date: | Aug. 16
|
| Stock symbol: | CNQ: MHPT
|
| Stock price: | C$0.15 at close Aug. 16
|
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