By Devika Patel
Knoxville, Tenn., July 27 - Gallic Energy Ltd. said it has arranged a C$2.2 million private placement of units. A portion of the offering, for up to C$1.9 million, is being brokered by agent Macquarie Private Wealth Inc.
The company will sell 44 million units at C$0.05 apiece. Each unit consists of one class A common share and one warrant. The warrants are each exercisable at C$0.10 for two years.
Settlement is expected Aug. 27.
Proceeds will be used for general working capital.
Gallic, based in Calgary, Alta., aims to build an inventory of significant oil and gas prospects.
| Issuer: | Gallic Energy Ltd.
|
| Issue: | Units of one class A common share and one warrant
|
| Amount: | C$2.2 million
|
| Units: | 44 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Macquarie Private Wealth Inc. (for C$1.9 million)
|
| Pricing date: | July 27
|
| Settlement date: | Aug. 27
|
| Stock symbol: | TSX Venture: GLE.A
|
| Stock price: | C$0.06 at close July 27
|
| Market capitalization: | C$2.34 million
|
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