Brokered offering to settle Oct. 7 and raise proceeds for exploration
By Devika Patel
Knoxville, Tenn., Sept. 21 - PetroGlobe Inc. said Emerging Equities Inc. will help the company conduct a private placement of stock and units for C$3 million.
The company will sell units of one common share and one half-share warrant at C$0.14 each for C$1 million. The whole warrants are exercisable at C$0.17 until May 31, 2011. The strike price represents a 17.24% premium to C$0.145, the Sept. 21 closing share price.
The company also will sell flow-through common shares at C$0.17 apiece for C$2 million. The price per share is also a 17.24% premium to the Sept. 20 closing price.
Settlement is expected Oct. 7.
Proceeds will be used for exploration.
PetroGlobe is an oil and natural gas exploration company based in Calgary, Alta.
| Issuer: | PetroGlobe Inc.
|
| Issue: | Units of one common share and one half-share warrant, flow-through common shares
|
| Amount: | C$3 million
|
| Agent: | Emerging Equities Inc.
|
| Pricing date: | Sept. 21
|
| Settlement date: | Oct. 7
|
| Stock symbol: | TSX Venture: PGB
|
| Stock price: | C$0.145 at close Sept. 21
|
| Market capitalization: | C$11.77 million
|
|
|
| Units
|
| Amount: | C$1 million
|
| Price: | C$0.14
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | May 31, 2011
|
| Warrant strike price: | C$0.17
|
|
|
| Flow-through shares
|
| Amount: | C$2 million
|
| Price: | C$0.17
|
| Warrants: | No
|
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