By Devika Patel
Knoxville, Tenn., Sept. 8 - Universal Power Corp. said it raised C$1.6 million in the first tranche of a C$4 million non-brokered private placement of stock. The deal priced July 7.
The company is selling 8 million common shares at C$0.50 per share. It sold 3.2 million shares in this tranche.
Proceeds will be used to conduct technical analysis on two of Universal's blocks in offshore Namibia and for general working purposes.
Based in Vancouver, B.C., Universal Power is an energy company.
| Issuer: | Universal Power Corp.
|
| Issue: | Common shares
|
| Amount: | C$4 million
|
| Shares: | 8 million
|
| Price: | C$0.50
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | July 7
|
| Settlement date: | Sept. 8 (for C$1.6 million)
|
| Stock symbol: | TSX Venture: UNX
|
| Stock price: | C$0.58 at close July 7
|
| Market capitalization: | C$39.6 million
|
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