Richfield Oil settles $35,000 of $285,000 placement of preferred units

Series A preferreds sold along with three-year warrants in offering

By Devika Patel

Knoxville, Tenn., Sept. 28 - Richfield Oil & Gas Co. completed two tranches of a $285,000 private placement of its series A preferred stock on Sept. 21 and Sept. 25, raising $35,000, according to an 8-K filed Friday with the Securities and Exchange Commission. It raised $250,000 on Sept. 10, $20,000 on Sept. 21 and $15,000 on Sept. 25.

The company sold 285,000 units of one preferred and one warrant at $1.00 per unit. It sold 250,000 units in the first tranche, 20,000 units in the second and 15,000 units in the third tranche.

The warrant is exercisable at $0.37 for three years.

The private oil and gas company is based in Salt Lake City, Utah.

Issuer:	Richfield Oil & Gas Co.
Issue:	Units of one series A preferred share and warrants for five shares
Amount:	$285,000
Units:	285,000
Price:	$1.00
Warrants:	One warrant per unit
Warrant expiration:	Three years
Warrant strike price:	$0.37
Settlement date:	Sept 10 (for $250,000), Sept. 21 (for $20,000), Sept. 25 (for $15,000)

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