New York, Feb. 23 - Norwood Resources Ltd. said it priced a private placement offering of C$20 million of units.
The units, priced at C$1.50 each, are made up of a share and half of a two-year warrant. Each full warrant is exercisable at C$1.75 in the first year and C$2.00 in the second year.
Norwood can increase the offering to C$30 million.
Norwood, a Vancouver, B.C., oil and gas company, will use proceeds to finance exploration of an 845,000 acre hydrocarbon concession in Nicaragua in which the company holds a 70% interest.
| Issuer: | Norwood Resources Ltd.
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| Issue: | Units
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| Amount: | C$20 million (can be upsized to C$30 million)
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| Price: | C$1.50 per unit
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| Warrants: | 0.5 per unit
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| Warrant strike price: | C$1.75 in the first year, C$2.00 in the second year
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| Warrant term: | Two years
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| Announcement date: | Feb. 23
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| Settlement: | March 23
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| Stock price: | C$1.93 at close Feb. 23
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