Oil explorer sells shares in five tranches with three-year warrants
By Devika Patel
Knoxville, Tenn., Dec. 9 - North American Oil & Gas Corp. settled a $200,000 second tranche of a $1 million private placement of stock with Oel und Erdgazforshung AG on Dec. 6, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced on Dec. 1 but was negotiated in October. It is being conducted in five equal tranches.
The number of shares issued in each tranche will be determined based on the per-share price of the tranche, which will be equal to a 10% discount to the previous day's closing price. With each tranche, 100,000 three-year warrants will be issued with an exercise price equal to a 15% premium to the previous day's closing price.
The company sold 261,438 shares in the second tranche. It also issued 100,000 warrants to the investor, with an exercise price of $0.98.
The oil and gas exploration company is based in Ventura, Calif.
| Issuer: | North American Oil & Gas Corp.
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| Issue: | Common shares
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| Amount: | $1 million
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| Price: | 10% discount to the previous day's closing price
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| Warrants: | 500,000
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| Warrant expiration: | Three years
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| Warrant strike prices: | 15% of the previous day's closing stock price
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| Investor: | Oel und Erdgazforshung AG
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| Pricing date: | Dec. 1
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| Settlement date: | Dec. 6 (for $200,000)
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| Stock symbol: | OTCBB: NAMG
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| Stock price: | $0.96 at close Nov. 29
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| Market capitalization: | $47.58 million
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