By Devika Patel
Knoxville, Tenn., Feb. 1 - Nordic Oil and Gas Ltd. announced it will conduct two non-brokered private placements of units to raise C$4 million. It expects to close multiple tranches in the next few weeks.
The company will sell 3.75 million units at C$0.40 apiece for C$1.5 million. Each unit will consist of one common share and a half-share warrant, with each whole warrant exercisable at C$0.60 for two years.
The company also will sell 5,882,235 flow-through units at C$0.425 apiece for C$2.5 million. Each unit will consist of one flow-through class A common share and a half-share warrant, with each whole warrant exercisable at C$0.65 for two years.
Proceeds will be used for capital expenditures.
Nordic is an oil and gas company based in Winnipeg, Manitoba.
| Issuer: | Nordic Oil and Gas Ltd.
|
| Issue: | Units of one class A common share and a half-share warrant, flow-through units of one flow-through class A common share and a half-share warrant
|
| Amount: | C$4 million
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 1
|
| Stock symbol: | TSX Venture: NOG
|
| Stock price: | C$0.45 at close Jan. 31
|
|
|
| Units
|
| Amount: | C$1.5 million
|
| Units: | 3.75 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
|
|
| Flow-through units
|
| Amount: | C$2.5 million
|
| Units: | 5,882,235
|
| Price: | C$0.425
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
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