By Susanna Moon
Chicago, July 24 - PetroGlobe Inc. said it plans to sell up to C$2.2 million of units in a non-brokered private placement.
The company said it would issue up to 2 million units at C$1.10 per unit. Each unit consists of one share and one warrant, with each warrant exercisable for 24 months at a price of C$1.30.
Proceeds will be used for working capital, plant construction and drilling four additional exploration wells in Alberta's Warburg and Breton areas.
The offering is expected to close on July 31.
PetroGlobe is an oil and natural gas exploration company based in Calgary, Alta.
| Issuer: | PetroGlobe Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$2.2 million
|
| Units: | 2 million
|
| Price: | C$1.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.30
|
| Placement agent: | Non-brokered
|
| Pricing date: | July 23
|
| Settlement date: | July 31
|
| Stock symbol: | TSX Venture: PGB
|
| Stock price: | C$1.12 at close July 23
|
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