By Sheri Kasprzak
New York, May 11 - Nordic Oil and Gas Ltd. has negotiated a private placement for up to C$4 million.
The company plans to sell up to 5 million units of one share and one half-share warrant. Each whole warrant is exercisable at C$0.60 for 18 months.
The deal also includes up to 3,636,363 flow-through shares at C$0.55 apiece.
Dominick & Dominick Securities Inc. is the placement agent for the deal, which is scheduled to close June 12.
The proceeds from the units will be used for exploration and development activities, as well as for working capital. The proceeds from the flow-through shares will be used for exploration on the company's Canadian properties.
Based in Winnipeg, Man., Nordic is an oil, natural gas and coalbed methane exploration and development company.
| Issuer: | Nordic Oil and Gas Ltd.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$4 million (maximum)
|
| Placement agent: | Dominick & Dominick Securities Inc.
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| Pricing date: | May 11
|
| Stock symbol: | TSX Venture: NOG
|
| Stock price: | C$0.33 at close May 10
|
|
|
| Units
|
| Units: | 5 million (maximum)
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.60
|
|
|
| Flow-through shares
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| Shares: | 3,636,363 (maximum)
|
| Price: | C$0.55
|
| Warrants: | No
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