Three-year arrangement reached with Dutchess Opportunity Cayman Fund
By Devika Patel
Knoxville, Tenn., Sept. 29 - Nordic Oil and Gas Ltd. said it negotiated a C$10 million three-year equity line facility with Dutchess Opportunity Cayman Fund Ltd.
"This new equity line facility with a well-established investor such as Dutchess would give us both flexible and inexpensive access to capital to support our growth initiatives," chairman and chief executive officer Donald Benson stated.
"By demonstrating access to capital, and combined with our growing production levels, and the strength of our exploration targets in Saskatchewan and Alberta, we are sending a clear and positive message to our shareholders that we are striving to increase our resources with the objective of new and additional production."
Nordic is an oil and gas company based in Winnipeg, Man.
| Issuer: | Nordic Oil and Gas Ltd.
|
| Issue: | Equity line facility
|
| Amount: | C$10 million
|
| Tenor: | Three years
|
| Warrants: | No
|
| Investor: | Dutchess Opportunity Cayman Fund Ltd.
|
| Pricing date: | Oct. 29
|
| Stock symbol: | TSX Venture: NOG
|
| Stock price: | C$0.07 at close Oct. 29
|
| Market capitalization: | C$4.88 million
|
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