By Devika Patel
Knoxville, Tenn., Nov. 1 - New Sage Energy Corp. settled the third and final tranche of a C$1,581,000 private placement of units. The deal was announced when the company settled the first tranche on June 22. The second tranche was completed on Aug. 29.
The company sold a total of 3,952,500 units of one share and one half-share warrant at C$0.40 per unit. Each whole warrant will be exercisable at C$0.50 for two years. In this tranche, the company sold 100,000 units for C$40,000. The company did not specify how many units were sold in each of the former tranches.
Proceeds will be used for identifying, acquiring and developing new oil and gas properties and general working capital.
Toronto-based New Sage, formerly Consolidated New Sage Resources Ltd., is a mineral company still in the process of exploring its properties and has not determined yet whether the properties contain minerals or mineral reserves that are economically recoverable.
| Issuer: | New Sage Energy Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1,581,000
|
| Units: | 3,952,500
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Pricing date: | June 22
|
| Settlement dates: | June 22 (first tranche); Aug. 29 (second tranche); Nov. 1 (third tranche)
|
| Stock symbol: | TSX Venture: NSG
|
| Stock price: | C$0.36 at close June 22
|
|
|
| Third tranche
|
| Amount: | C$40,000
|
| Units: | 100,000
|
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