By Sheri Kasprzak
New York, Nov. 27 - Next Millennium Commercial Corp. plans to raise up to C$3.78 million from a private placement as part of its acquisition of a 25% working interest in the SueAnn Tacquard #1 Well from Opal Energy, Inc.
The company plans to sell, on a non-brokered basis, 14 million units at C$0.27 each.
The units consist of one share and one warrant with each warrant exercisable at C$0.36 for one year.
Under the terms of the acquisition, Next Millennium will buy the interest for US$215,268.29 in cash. The well is located in Galveston, Texas.
Opal has also granted Next Millennium the right to acquire a 25% interest in its US$16 million natural gas exploration program on the Gulf Coast of Texas.
Connected to the acquisition of the interest in the SueAnn Tacquard well, Next Millennium will change its name to Royston Resources Inc. or another name that may be approved by its board of directors.
Located in Montreal, Next Millennium is an oil and natural gas exploration company.
Issuer: | Next Millennium Commercial Corp.
|
Issue: | Units of one share and one warrant
|
Amount: | C$3.78 million
|
Units: | 14 million
|
Price: | C$0.27
|
Warrants: | One warrant per unit
|
Warrant expiration: | One year
|
Warrant strike price: | C$0.36
|
Placement agent: | Non-brokered
|
Pricing date: | Nov. 27
|
Stock symbol: | TSX Venture: NM
|
Stock price: | C$0.36 at close Nov. 24
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.