By Sheri Kasprzak
New York, Aug. 24 - Cruiser Oil & Gas Ltd. has closed a private placement, including a fully exercised over-allotment option, for C$10 million.
The company sold a total of 10 million common shares at C$0.30 each and 20 million flow-through shares at C$0.35 each.
Placement agent Acumen Capital Finance Partners Ltd. exercised a greenshoe for 5 million common shares and 5,714,286 flow-through shares.
The deal was first announced Aug. 4 as a C$6.5 million offering comprised of 5 million common shares and 14,285,714 flow-through shares.
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: | Flow-through and non flow-through shares
|
| Amount: | C$10 million
|
| Placement agent: | Acumen Capital Finance Partners Ltd.
|
| Pricing date: | Aug. 4
|
| Settlement date: | Aug. 24
|
| Stock price: | C$0.45 at close Aug. 4
|
| Stock price: | C$0.50 at close Aug. 24
|
|
|
| Non flow-through shares
|
| Issue: | Non flow-through shares
|
| Shares: | 10 million (includes greenshoe for 5 million)
|
| Price: | C$0.30
|
| Warrants: | No
|
|
|
| Flow-through shares
|
| Issue: | Flow-through shares
|
| Shares: | 20 million (includes greenshoe for 5,714,286)
|
| Price: | C$0.35
|
| Warrants: | No
|
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