Company intends to finance exploration and development of properties
By Devika Patel
Knoxville, Tenn., June 19 - Vanoil Energy Ltd. said it increased its non-brokered private placement of units to C$30 million from C$20 million. The deal priced Monday.
The company will now sell 50 million 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. The strike price reflects a 33.33% premium to the June 15 closing share price of C$0.75.
Proceeds will be used for exploration and development of the company's Kenyan oil and gas properties, completion of a production sharing agreement with the Republic of Rwanda and for general working capital purposes.
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$30 million
|
| Units: | 50 million
|
| Price: | C$0.60
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
| Agent: | Non-brokered
|
| Pricing date: | June 18
|
| Upsized: | June 19
|
| Stock symbol: | TSX Venture: VEL
|
| Stock price: | C$0.75 at close June 15
|
| Market capitalization: | C$29.48 million
|
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