By Laura Lutz
Washington, Jan. 25 - Georgia Exploration Inc. completed the first tranche for a private placement of units for $3.205 million.
The placement includes 3.205 million units of one share, one class A warrant and one class B warrant at $1.00 per unit. Each class A warrant will be exercisable at $2.00 for three years, and each class B warrant will be exercisable at $3.00 for three years.
Proceeds will be used for the acquisition and development of oil and gas interests in Texas, for the company's continued lease acreage acquisition and reserve development of the Mound Branch project in Kansas, and for working capital.
Georgia is a resource exploration company based in Vancouver, B.C., and Houston.
| Issuer: | Georgia Exploration Inc.
|
| Issue: | Units of one share, one class A warrant and one class B warrant
|
| Amount: | $3.205 million
|
| Units: | 3.205 million
|
| Price: | $1.00
|
| Warrants: | One class A, one class B per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.00 for class A; $3.00 for class B
|
| Announcement date: | Jan. 24
|
| Stock symbol: | OTCBB: GXPL
|
| Stock price: | $0.97 at close Jan. 25
|
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