Company sells shares at $0.55 each with warrants for 2,859,162 shares
By Devika Patel
Knoxville, Tenn., Feb. 14 - Nitro Petroleum Inc. settled a $786,269 private placement of stock on Jan. 23, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 1,429,581 common shares at $0.55 apiece. The price per share reflects a 5.77% premium to $0.52, the Feb. 13 closing share price.
Investors also received warrants for 2,859,162 shares. Half of the warrants are exercisable at $0.90, a 73.08% premium to the Jan. 22 closing price. The remaining warrants are exercisable at $1.50, a 188.46% premium to the Feb. 13 closing price. The warrants all expire on Dec. 31, 2014.
The Shawnee, Okla., company produces oil, gas and natural gas liquids.
| Issuer: | Nitro Petroleum Inc.
|
| Issue: | Common stock
|
| Amount: | $786,269
|
| Shares: | 1,429,581
|
| Price: | $0.55
|
| Warrants: | For 2,859,162 shares
|
| Warrant expiration: | Dec. 31, 2014
|
| Warrant strike prices: | $0.90, $1.50
|
| Announcement date: | Feb. 14
|
| Settlement date: | Jan. 23
|
| Stock symbol: | OTCBB: NTRO
|
| Stock price: | $0.52 at close Feb. 13
|
| Market capitalization: | $1.24 million
|
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