By Sheri Kasprzak
Atlanta, March 17 - PetroGlobe Inc. said it will raise C$6 million in a private placement of stock.
The company plans to sell flow-through shares at C$0.70 each and common shares at C$0.60 each.
There is a minimum subscription of C$10,000 associated with the deal.
The offering is expected to close April 8.
Based in Calgary, Alta., PetroGlobe is an oil and natural gas exploration and development company.
The company plans to use the proceeds from the flow-through shares to drill shallow gas wells in Alberta. The proceeds from the common shares will be used to appraise wells in Texas and acquire acreage in Texas. The remainder of the proceeds from the common shares will be used for general corporate purposes.
| Issuer: | PetroGlobe Inc.
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| Issue: | Flow-through and common shares
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| Amount: | C$6 million
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| Pricing date: | March 17
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| Settlement date: | April 8
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| Stock price: | C$0.70 at close March 16
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|
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| Flow-through shares
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| Issue: | Flow-through common shares
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| Price: | C$0.70
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| Warrants: | No
|
|
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| Common shares
|
| Issue: | Common shares
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| Price: | C$0.60
|
| Warrants: | No
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