By Sheri Kasprzak
New York, Sept. 20 - CanArgo Energy Corp. negotiated a NOK 118.3 million private placement.
The offering includes up to 13 million shares at NOK 9.10 each. Following the placement, the company will have 237,486,165 shares outstanding.
The deal is scheduled to close at the end of this week.
Proceeds will be used for capital expenditures in the Republic of Georgia, including securing drilling equipment for appraisal projects. The rest will be used for general corporate purposes.
Based in Oslo, CanArgo is an oil and natural gas exploration company.
| Issuer: | CanArgo Energy Corp.
|
| Issue: | Stock
|
| Amount: | NOK 118.3 million
|
| Shares: | 13 million
|
| Price: | NOK 9.10
|
| Warrants: | No
|
| Announcement date: | Sept. 20
|
| Stock symbol: | Oslo: CNR
|
| Stock price: | NOK 9.95 at close Sept. 19
|
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