By Sheri Kasprzak
New York, Feb. 8 - PetroGlobe Inc. said it has completed the C$7,132,070 final tranche of a non-brokered private placement, bringing the proceeds raised in the deal to C$9,436,848.
In the most recent tranche, the company sold 5,094,336 units at C$1.40 each.
The units include one share and one warrant. The warrants are exercisable at C$1.80 each for the first year and at C$2.20 each for the second year.
The first tranche closed on Dec. 6 for C$2,304,778.
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 warrant
|
| Amount: | C$7,132,070
|
| Units: | 5,094,336
|
| Price: | C$1.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| 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: | Feb. 7
|
| Stock symbol: | TSX Venture: PGB
|
| Stock price: | C$1.35 at close Oct. 20
|
| Stock price: | C$1.66 at close Feb. 7
|
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