By Sheri Kasprzak
New York, Oct. 20 - PetroGlobe Inc. said it has priced a non-brokered private placement for up to C$9 million.
The deal includes up to 6 million units at C$1.50 each. There is a minimum subscription level of C$5,000 associated with the offering.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$2.20 each for the first year and at C$2.50 each for the remaining 18 months.
Proceeds will be used for the company's acquisitions of properties in the Palo Duro basin in Texas, the evaluation of wells on these properties and for general corporate purposes.
Based in Calgary, Alta., PetroGlobe is an oil and natural gas exploration company.
Issuer: | PetroGlobe Inc.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$9 million (maximum)
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Units: | 6 million (maximum)
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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 and a half years
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Warrant strike price: | C$2.20 for the first year; C$2.50 for remaining 18 months
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Placement agent: | Non-brokered
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Pricing date: | Oct. 20
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Stock price: | C$1.30 at close Oct. 19
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