By Sheri Kasprzak
New York, Oct. 18 - Derek Oil and Gas Corp. has negotiated a private placement for up to C$2 million.
The company intends to sell up to 4 million units at C$0.50 each on a non-brokered basis.
The units include one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.70 each for two years.
The proceeds will be used for costs related to the LAK Ranch property and working capital.
Based in Vancouver, B.C., Derek is an oil and natural gas exploration company.
Issuer: | Derek Oil and Gas Corp.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$2 million (maximum)
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Units: | 4 million (maximum)
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Price: | C$0.50
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.70
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Placement agent: | Non-brokered
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Pricing date: | Oct. 17
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Stock price: | C$0.55 at close Oct. 17
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