By Sheri Kasprzak
New York, Jan. 8 - Rancher Energy Corp. concluded a private placement for $9,386,279.
The company issued 2,666,666 shares in the deal at $1.50 each.
The investors also received a convertible note in principal of $5,386,279. The note is convertible into a total of 3,590,853 shares at $1.50 each. The full terms of the note could not be determined Monday.
The offering included warrants for 6,257,519 shares, exercisable at $1.50 each for five years.
Proceeds will be used to acquire interests in real property located in Wyoming's Powder River Basin.
Based in Denver, Rancher evaluates older oil and gas fields to determine potential secondary and tertiary recovery.
| Issuer: | Rancher Energy Corp.
|
| Issue: | Stock
|
| Amount: | $4 million
|
| Shares: | 2,666,666
|
| Price: | $1.50
|
| Warrants: | For 6,257,519 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.50
|
| Settlement date: | Jan. 4
|
| Stock symbol: | OTCBB: RNCH
|
| Stock price: | $3.20 at close Jan. 4
|
|
|
| Issuer: | Rancher Energy Corp.
|
| Issue: | Convertible notes
|
| Amount: | $5,386,279
|
| Conversion price: | $1.50
|
| Conversion ratio: | Into 3,590,853 shares
|
| Warrants: | See above
|
| Settlement date: | Jan. 4
|
| Stock symbol: | OTCBB: RNCH
|
| Stock price: | $3.20 at close Jan. 4
|
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