Non-brokered offering sells 2 million common shares at $0.90 per share
By Devika Patel
Knoxville, Tenn., Jan. 22 – Greenfields Petroleum Corp. said it settled a $1.8 million non-brokered private placement of stock. The deal raised about C$2.23 million, based on the Jan. 22 Bank of Canada noon exchange ratio.
The company sold 2 million common shares at $0.90 apiece. The price per share of about C$1.11 (based on the Jan. 22 Bank of Canada noon exchange ratio of $1.00 per C$1.2371) is about a 23.33% premium to the Jan. 21 closing share price of C$0.90.
Proceeds will be used for the company’s share of the Gum Deniz Oil Field and the Bahar Gas Field capital expenditures, to pay interest expenses relating to its convertible debentures and for administrative and other expenses.
Houston-based Greenfields Petroleum is an oil and natural gas company focused on reserves in the Republic of Azerbaijan.
| Issuer: | Greenfields Petroleum Corp.
|
| Issue: | Common stock
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| Amount: | $1.8 million, or about C$2,226,780
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| Shares: | 2 million
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| Price: | $0.90
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| Warrants: | No
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| Agent: | Non-brokered
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| Pricing date: | Jan. 22
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| Settlement date: | Jan. 22
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| Stock symbol: | TSX Venture: GNF
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| Stock price: | C$0.90 at close Jan. 21
|
| Market capitalization: | C$17.57 million
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