By Laura Lutz
Washington, Dec. 4 - One Exploration Inc. completed a private placement of shares for up to C$1.25 million.
The company sold 5 million class A common shares to directors, officers, employees and other subscribers for C$0.25 per share.
All subscriptions held by senior management and employees of the company will be held in escrow and may be repurchased, at the option of the company, upon termination of the subscriber's employment.
Proceeds of the non-brokered offering will be used to participate in farm-out opportunities, to develop the company's own prospects and to enter into joint ventures.
The deal priced on Nov. 23.
The company expects its class A and class B shares to begin trading on the TSX Venture Exchange in early to mid-December under the symbols "OE.A" and "OE.B."
Based in Calgary, Alta., One plans to be involved in oil and gas exploration and development.
| Issuer: | One Exploration Inc.
|
| Issue: | Shares
|
| Amount: | C$1.25 million
|
| Shares: | 5 million
|
| Price: | C$0.25
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 23
|
| Stock symbol: | TSX Venture: OE.A (expected to begin trading)
|
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