By Sheri Kasprzak
New York, Aug. 4 - Cruiser Oil & Gas Ltd. said it has arranged a private placement for up to C$6.5 million.
The offering includes up to 5 million common shares at C$0.30 each and up to 14,285,714 flow-through shares at C$0.35 each.
Placement agent Acumen Capital Finance Partners Ltd. has an over-allotment option for up to 5 million additional common shares and up to 5,714,286 additional flow-through shares.
The deal is scheduled to close Aug. 24.
Proceeds will be used for exploration and development as well as for working capital.
Calgary, Alta.-based Cruiser is an oil and natural gas exploration, acquisition, exploitation and production company.
| Issuer: | Cruiser Oil & Gas Ltd.
|
| Issue: | Non flow-through and flow-through shares
|
| Amount: | C$6.5 million (maximum)
|
| Placement agent: | Acumen Capital Finance Partners Ltd.
|
| Pricing date: | Aug. 4
|
| Settlement date: | Aug. 24
|
| Stock price: | C$0.45 at close Aug. 4
|
|
|
| Non flow-through shares
|
| Issue: | Common shares
|
| Shares: | 5 million (maximum)
|
| Price: | C$0.30
|
| Warrants: | No
|
|
|
| Flow-through shares
|
| Issue: | Flow-through common shares
|
| Shares: | 14,285,714
|
| Price: | C$0.35
|
| Warrants: | No
|
|
|
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