Company sells units with 18-month warrants at C$0.075 per unit
By Devika Patel
Knoxville, Tenn., Sept. 12 - Nordic Oil and Gas Ltd. said it has negotiated a C$2.25 million non-brokered private placement of units.
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 25% premium to the Sept. 9 closing share price of C$0.08.
"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," company president Donald Benson said in a press release.
"We feel that our Weyburn/Bakken property should be our top priority at this time and we would like to be in position to drill the first well early in the fourth quarter of 2011."
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 flow-through class A common share and a half-share warrant
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Amount: | C$2.25 million
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Units: | 30 million
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Price: | C$0.075
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.10
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Agent: | Non-brokered
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Pricing date: | Sept. 12
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Stock symbol: | TSX Venture: NOG
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Stock price: | C$0.08 at close Sept. 12
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Market capitalization: | C$7.48 million
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