By Devika Patel
Knoxville, Tenn., Feb. 22 - Nordic Oil and Gas Ltd. said it raised C$1.03 million in the first tranche of a non-brokered private placement of units. The company plans to sell C$4 million total of units in multiple tranches for a total of C$4 million. The deal priced on Feb. 1.
In this tranche, Nordic sold 2,416,094 flow-through units.
The company plans to 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.
The company also plans to 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.
Proceeds will be used for capital expenditures.
Nordic is an oil and gas company based in Winnipeg, Man.
Issuer: | Nordic Oil and Gas Ltd.
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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
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Amount: | C$4 million
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Agent: | Non-brokered
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Pricing date: | Feb. 1
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Settlement date: | Feb. 22 (for C$1,026,840)
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Stock symbol: | TSX Venture: NOG
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Stock price: | C$0.45 at close Jan. 31
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Units
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Amount: | C$1.5 million
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Units: | 3.75 million
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Price: | C$0.40
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.60
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Flow-through units
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Amount: | C$2.5 million
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Units: | 5,882,235
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Price: | C$0.425
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.65
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