Deal funds work on La Posada, Napoleonville wells, also exploration
By Devika Patel
Knoxville, Tenn., March 28 - Grand Gulf Energy Ltd. said it negotiated a A$1.8 million private placement of stock, which also includes options.
The company will sell 360 million shares at A$0.005 per share. Investors also will receive options for 180 million shares; the options are each exercisable at A$0.015 until June 30, 2013.
The price per share is a 50% discount to the March 25 closing share price of A$0.01. The strike price is a 50% premium to that price.
Proceeds will be used at the Thibodeaux #1 Well at La Posada, at the Dugas & Leblanc #3 development well at Napoleonville, at the Desiree #1 oil exploration well at Napoleonville and for geological and geophysical exploration and development at Napoleonville.
Grand Gulf is an oil and gas company in Perth, Australia.
| Issuer: | Grand Gulf Energy Ltd.
|
| Issue: | Shares
|
| Amount: | A$1.8 million
|
| Shares: | 360 million
|
| Price: | A$0.005
|
| Options: | For 180 million shares
|
| Option expiration: | June 30, 2013
|
| Option strike price: | A$0.015
|
| Pricing date: | March 28
|
| Stock symbol: | Australia: GGE
|
| Stock price: | A$0.006 at close March 28
|
| Market capitalization: | A$5.64 million
|
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