By Devika Patel
Knoxville, Tenn., Dec. 31 - Nordic Oil and Gas Ltd. raised C$1.35 million from the second tranche of a non-brokered private placement of units, raising a total of C$3 million. The deal priced on Nov. 30 for C$3 million, and the first tranche settled for C$1.64 million on Dec. 20.
Nordic Oil and Gas sold 4,514,665 units in this tranche. The first tranche included 5,476,299 units. In total, the company planned to sell 10 million units at C$0.30 apiece, but only managed to sell 9,990,964 units.
Each unit consists of one class A flow-through common share and one half-share class A warrant. Each whole warrant will be exercisable for one non flow-through share at C$0.40 for two years.
The company paid 6% in finder's fees and also issued a number of warrants equal to 8% of the number of units sold. Each finder's warrant is exercisable for one class A common share at C$0.40 for two years.
Nordic is an oil and gas company based in Winnipeg, Man.
| Issuer: | Nordic Oil and Gas Ltd.
|
| Issue: | Units of one class A flow-through share and one half-share class A non flow-through warrant
|
| Amount: | C$2,997,289
|
| Units: | 9,990,964
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 20 (for C$1,642,900), Dec. 29 (for C$1,354,400)
|
| Stock symbol: | TSX Venture: NOG
|
| Stock price: | C$0.41 at close Dec. 19
|
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