Non-brokered deal funds drilling and development plans in East Africa
By Devika Patel
Knoxville, Tenn., Dec. 11 - Vanoil Energy Ltd. said it has arranged a C$5 million non-brokered private placement of units.
The company will sell 8,333,333 units of one common share and one warrant at C$0.60 per unit. Each two-year warrant will be exercisable at C$1.00, an 85.19% premium to C$0.54, the Dec. 10 closing share price.
Proceeds will be used for drilling and development plans in East Africa, including Blocks 3A and 3B in Kenya.
The oil and gas exploration company is based in Vancouver, B.C.
| Issuer: | Vanoil Energy Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5 million
|
| Units: | 8,333,333
|
| Price: | C$0.60
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 11
|
| Stock symbol: | TSX Venture: VEL
|
| Stock price: | C$0.54 at close Dec. 10
|
| Market capitalization: | C$28.96 million
|
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