By Sheri Kasprzak
Atlanta, Feb. 25 - TAG Oil Ltd. said it will raise up to $3.2 million in a private placement of units.
The deal includes up to 8 million units at $0.40 each. The units are comprised of one share and one warrant.
The warrants provide for an additional share at $0.60 each for the first year and $0.80 each for the second year. The warrants may be accelerated, at TAG's option, if its stock trades higher than $1 in the first year and $1.20 in the second year for 10 consecutive trading days. At that time, the warrants will expire within 30 days of notice to the holder.
The company is in talks with accredited investors in North America and Europe about the offering.
Based in Calgary, Alta., TAG is an oil exploration company.
Issuer: | TAG Oil Ltd.
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Issue: | Units of one share and one warrant
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Amount: | $3.2 million (maximum)
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Units: | 8 million (maximum)
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Price: | $0.40
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | $0.60 for the first year; $0.80 for the second year
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Pricing date: | Feb. 25
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Stock price: | $0.71 at close Feb. 25
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