By Sheri Kasprzak
New York, Oct. 12 - Deep Well Oil & Gas, Inc. said it has completed a $1.26 million private placement.
The company sold 3.15 million units at $0.40 each.
The units include one share and one warrant. The warrants are exercisable at $0.60 each for three years.
Of the proceeds raised, $1 million will be used to retire outstanding secured debt. The rest will be used for working capital.
Based in Edmonton, Alta., Deep Well is an oil and natural gas exploration company.
| Issuer: | Deep Well Oil & Gas, Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | $1.26 million
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| Units: | 3.15 million
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| Price: | $0.40
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | $0.60
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| Settlement date: | Oct. 12
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| Stock price: | $0.39 at close Oct. 11
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