By Sheri Kasprzak
New York, Nov. 4 - PetroGlobe Inc. has reduced the price and increased the number of units it is offering in its previously announced C$9 million private placement.
The company now plans to sell up to 6,428,571 units at C$1.40 each.
The units include one share and one half-share warrant. The whole warrants are exercisable at C$2.20 each for one year.
The offering was first announced Oct. 20 as including up to 6 million units at C$1.50 each. The warrants were originally exercisable at C$2.20 each for the first year and 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.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$9 million (maximum)
|
| Units: | 6,428,571 (maximum)
|
| Price: | C$1.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$2.20
|
| Placement agent: | Non-brokered
|
| Pricing date: | Oct. 20
|
| Amended: | Nov. 4
|
| Stock price: | C$1.35 at close Oct. 20
|
| Stock price: | C$1.45 at close Nov. 4
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
