Company sells units with 18-month warrants at C$0.075 per unit
By Devika Patel
Knoxville, Tenn., Oct. 26 - Nordic Oil and Gas Ltd. said it negotiated a C$2.25 million non-brokered private placement of units. It priced an identical offering in September.
The company will sell 30 million units of one flow-through class A common share and a half-share warrant at C$0.075 per unit.
Each whole warrant is exercisable at C$0.10 for 18 months. The strike price reflects a 42.86% premium to the Oct. 25 closing share price of C$0.07.
"It is our intention to use a large portion of the funds raised in this offering to undertake the drilling of our first exploration well on our Weyburn/Bakken property in southeast Saskatchewan," president Donald Benson said in a press release.
Nordic is an oil and gas company based in Winnipeg, Man.
| Issuer: | Nordic Oil and Gas Ltd.
|
| Issue: | Units of one flow-through class A common share and a half-share warrant
|
| Amount: | C$2.25 million
|
| Units: | 30 million
|
| Price: | C$0.075
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 26
|
| Stock symbol: | TSX Venture: NOG
|
| Stock price: | C$0.07 at close Oct. 26
|
| Market capitalization: | C$6.07 million
|
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