Non-brokered offering will finance exploration of African properties
By Devika Patel
Knoxville, Tenn., Dec. 27 - Vanoil Energy Ltd. said it will conduct a C$2 million non-brokered private placement of stock with a C$200,000 greenshoe.
The company will sell 4,651,163 common shares at C$0.43 apiece, a 4.88% premium to the Dec. 23 closing share price of C$0.41.
Proceeds will be used for exploration and development of the company's African properties and general working capital purposes.
The oil and gas exploration company is based in Vancouver, B.C.
| Issuer: | Vanoil Energy Ltd.
|
| Issue: | Common stock
|
| Amount: | C$2 million
|
| Greenshoe: | C$200,000
|
| Shares: | 4,651,163
|
| Price: | C$0.43
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 27
|
| Stock symbol: | TSX Venture: VEL
|
| Stock price: | C$0.41 at close Dec. 23
|
| Market capitalization: | C$15.82 million
|
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