By Sheri Kasprzak
New York, Nov. 18 - Texas Gas & Oil Inc. said it plans to raise up to C$1.25 million in a private placement.
The non-brokered deal includes up to 1 million special warrants at C$1.25 each.
The special warrants are exchangeable on a one-for-one basis for one common share once the company completes its reverse takeover with Legend Power Systems Inc.
Proceeds will be used for working capital.
Based in Vancouver, B.C., Texas Gas is an oil and natural gas exploration company.
Issuer: | Texas Gas & Oil Inc.
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Issue: | Special warrants exchangeable for common shares
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Amount: | C$1.25 million (maximum)
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Special warrants: | 1 million (maximum)
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Price: | C$1.25
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Warrants: | No
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Placement agent: | Non-brokered
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Pricing date: | Nov. 18
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