By Devika Patel
Knoxville, Tenn., May 23 - Probe Resources Ltd. said it plans a C$6.4 million non-brokered private placement of units. It also said it will not proceed with a C$20 million deal it announced in March.
The company will sell 16 million units at C$0.40 per unit. Each unit consists of one common share and one warrant. Each warrant is exercisable at C$0.50 for two years.
Proceeds will be used for the acquisition of certain oil and gas rights in the Gulf of Mexico, the settlement of debt obligations and for general working capital.
Probe is an oil and natural gas exploration and production company based in Vancouver, B.C.
| Issuer: | Probe Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$6.4 million
|
| Units: | 16 million
|
| Price: | C$0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | May 22
|
| Stock symbol: | TSX Venture: PBR
|
| Stock price: | C$0.47 at close May 22
|
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