By Devika Patel
Knoxville, Tenn., March 9 - Yangarra Resources Ltd. said it has increased a private placement of units to C$6 million. The deal priced for between C$2 million and C$4 million on March 3.
The company will now sell 80 million units at C$0.075 per unit. Each unit consists of one common share and one half-share warrant. The whole warrants are exercisable at C$0.10 until March 15, 2012.
Settlement is expected March 22.
Proceeds will be used to purchase a 15% overriding royalty on natural gas and a 5-15% sliding scale overriding royalty on oil that covers approximately eleven sections of Cardium and Glauconite perspective Yangarra lands in the Willesden Green area and to participate in a horizontal Cardium and a horizontal Glauconite well in the Willesden Green area.
Yangarra is a resource exploration company based in Calgary, Alta.
| Issuer: | Yangarra Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$6 million
|
| Units: | 80 million
|
| Price: | C$0.075
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | March 15, 2012
|
| Warrant strike price: | C$0.10
|
| Pricing date: | March 3
|
| Upsized: | March 9
|
| Settlement date: | March 22
|
| Stock symbol: | TSX Venture: YAN
|
| Stock price: | C$0.09 at close March 3
|
| Market capitalization: | C$7.01 million
|
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