Non-brokered offering sells 23 million equity units at C$0.50 per unit
By Devika Patel
Knoxville, Tenn., July 17 - Taipan Resources Inc. said it completed an C$11.5 million non-brokered private placement of units.
The company sold 23 million units of one common share and one warrant at C$0.50 per unit.
Each five-year warrant is exercisable at C$0.60, which is identical to the July 16 closing share price.
The company also said that it has closed its amalgamation with Lion Petroleum Corp. Under the terms of the amalgamation, Taipan issued 20,124,817 common shares to the Lion Petroleum shareholders in exchange for all of Lion Petroleum's outstanding share capital.
Vancouver, B.C.-based Taipan Resources explores for oil and gas.
| Issuer: | Taipan Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$11.5 million
|
| Units: | 23 million
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | July 17
|
| Stock symbol: | TSX Venture: TPN
|
| Stock price: | C$0.60 at close July 16
|
| Market capitalization: | C$18.82 million
|
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