Non-brokered offering to finance exploration of African properties
By Devika Patel
Knoxville, Tenn., Jan. 18 - Vanoil Energy Ltd. said it settled a C$2.05 million non-brokered private placement of stock. The deal priced for C$2 million with a C$200,000 greenshoe on Dec. 23.
The company sold 4,755,582 common shares at C$0.43 apiece, a 4.88% premium to the Dec. 23 closing share price of C$0.41. Of the shares, 104,419 were part of the partially exercised greenshoe.
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$2,044,900 (including C$44,900 greenshoe)
|
| Shares: | 4,755,582
|
| Price: | C$0.43
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 23
|
| Settlement date: | Jan. 18
|
| Stock symbol: | TSX Venture: VEL
|
| Stock price: | C$0.41 at close Dec. 23
|
| Market capitalization: | C$16.02 million
|
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