Company sells units with 18-month warrants at C$0.075 per unit
By Devika Patel
Knoxville, Tenn., Nov. 30 - Nordic Oil and Gas Ltd. said it raised C$112,500 in the initial tranche of a C$2.25 million non-brokered private placement of units. The offering priced on Oct. 26.
The company is selling 30 million units of one flow-through class A common share and a half-share warrant at C$0.075 per unit. It sold 1.5 million units in the first tranche.
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 at pricing.
Nordic is a junior 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 (1.5 million in first tranche)
|
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
|
Settlement date: | Nov. 30 (for C$112,500)
|
Stock symbol: | TSX Venture: NOG
|
Stock price: | C$0.07 at close Oct. 26
|
Market capitalization: | C$5.67 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.