By Sheri Kasprzak
Atlanta, March 28 - Norwood Resources Ltd. said it has completed a C$30 million private placement.
The company sold 20 million units at C$1.50 each to institutional and retail investors in Canada, the United States and Europe.
The units include one share and one half-share warrant. The full warrants provide for an additional share at C$1.75 each for the first year and C$2.00 each for the second year.
The offering was announced Feb. 23 as a C$20 million deal. The company announced at the time that it might increase the private placement to C$30 million.
Based in Vancouver, B.C., Norwood is an oil and natural gas exploration company. It plans to use the proceeds from the deal for exploration on its oil concession in Nicaragua.
| Issuer: | Norwood Resources Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$30 million
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| Units: | 20 million
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| Price: | C$1.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.75 for the first year; C$2.00 for the second year
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| Pricing date: | Feb. 23
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| Settlement date: | March 28
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| Stock price: | C$1.93 at close Feb. 23
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| Stock price: | C$2.02 at close March 28
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