By Laura Lutz
Des Moines, May 29 - Richards Oil & Gas Ltd. arranged a private placement of units for C$10 million.
The company intends to sell 20 million units of one share and one half-share warrant at C$0.50 per unit. Each whole warrant will be exercisable at C$0.60 for two years.
There is a greenshoe for 15% of the offering size.
Octagon Capital Corp. will act as exclusive agent for the company.
Settlement is expected on June 27.
Proceeds will be used to develop the company's coal bed methane properties and for general corporate purposes.
Richards is a Calgary, Alta.-based coil and natural gas exploration company.
| Issuer: | Richards Oil & Gas Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$10 million
|
| Units: | 20 million
|
| Greenshoe: | For 15%
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agent: | Octagon Capital Corp.
|
| Pricing date: | May 29
|
| Settlement date: | June 27
|
| Stock symbol: | TSX Venture: RIX
|
| Stock price: | C$0.49 at close May 28
|
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