By Devika Patel
Knoxville, Tenn., May 28 - Eagle Star Petroleum Corp. said it has settled the first tranche of a C$1.25 million private placement of units, raising C$1 million.
The company is selling 12.5 million units of one common share and one half-share warrant at C$0.10 per unit. It sold 10 million units in this tranche. The whole warrants are exercisable at C$0.20 each for 18 months.
Proceeds will be used for growth and general working capital.
The oil and gas company is based in Calgary, Alta.
| Issuer: | Eagle Star Petroleum Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.25 million
|
| Units: | 12.5 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Settlement date: | May 28 (for C$1 million)
|
| Stock symbol: | TSX Venture: EGE
|
| Stock price: | C$0.10 at close May 28
|
| Market capitalization: | C$2.85 million
|
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