By Laura Lutz
Des Moines, July 31 - PetroGlobe Inc. amended the terms of its private placement of units, which is now expected to raise up to C$2,062,500.
The company now intends to sell up to 2.75 million units at C$0.75 each.
Each unit will consist of one share and one warrant. Each warrant will be exercisable at C$0.95 for two years.
When the deal first priced on July 23, it was expected to include up to 2 million units of one share and one warrant at C$1.10 per unit, for proceeds of up to C$2.2 million. Each warrant was expected to be exercisable at C$1.30 for two years.
The placement was upsized in response to current market conditions, according to a company news release.
The placement is non-brokered.
Settlement is expected on Aug. 2.
Proceeds will be used for exploration and production in the company's Texas and Alberta operations as well as for working capital.
PetroGlobe is an oil and natural gas company based in Calgary, Alta.
| Issuer: | PetroGlobe Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$2,062,500
|
| Units: | 2.75 million
|
| Price: | C$0.75
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.95
|
| Agent: | Non-brokered
|
| Pricing date: | July 23
|
| Settlement date: | Aug. 2
|
| Stock symbol: | TSX Venture: PGB
|
| Stock price: | C$1.12 at close July 23
|
| Stock price: | C$0.82 at close July 31
|
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