By Sheri Kasprzak
New York, Dec. 7 - PetroGlobe Inc. said it has completed its previously announced private placement for C$2,304,778.
The company issued 1,646,270 units at C$1.40 each to Darcy Spady, Richard McDonald, Craig Bishop, Dan DiStefano and David Kamitakahara.
The units are comprised of one share and one warrant. The warrants are exercisable at C$1.80 for the first year and C$2.20 for the second year.
The non-brokered offering was first announced Oct. 20 as a C$9 million offering of up to 6 million units at C$1.50 each. On Nov. 4, the price per share was dropped to C$1.40 and the number of units extended to 6,428,571 units.
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$2,304,778
|
| Units: | 1,646,270
|
| Price: | C$1.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.80 for the first year; C$2.20 for the second year
|
| Placement agent: | Non-brokered
|
| Pricing date: | Oct. 20
|
| Settlement date: | Dec. 6
|
| Stock price: | C$1.35 at close Oct. 20
|
| Stock price: | C$1.40 at close Dec. 6
|
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