Company intends to finance exploration and development of properties
By Devika Patel
Knoxville, Tenn., Sept. 14 - Vanoil Energy Ltd. said it plans a C$5 million non-brokered private placement of units.
The company will sell 10 million units of one common share and one half-share warrant at C$0.50 per unit.
Each whole two-year warrant will be exercisable at C$0.75. The strike price reflects a 50% premium to the Sept. 13 closing share price of C$0.50.
Proceeds will be used for exploration and development of the company's properties, including a planned seismic program in Kenya and Rwanda, and for general working capital.
The oil and gas exploration company is based in Vancouver, B.C.
| Issuer: | Vanoil Energy Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5 million
|
| Units: | 10 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 14
|
| Stock symbol: | TSX Venture: VEL
|
| Stock price: | C$0.50 at close Sept. 13
|
| Market capitalization: | C$17.71 million
|
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