Non-brokered sale units is fully subscribed, funds corporate overhead
By Devika Patel
Knoxville, Tenn., April 24 - Emperor Oil Ltd. said it will conduct a C$2.1 million non-brokered private placement of units. The deal is fully subscribed.
The company will sell 21 million units of one common share and one warrant at C$0.10 per unit, with each warrant exercisable at C$0.20 for two years. The strike price is a 233.33% premium to C$0.06, the April 23 closing share price.
Proceeds will be used for corporate overhead, payments and ongoing diligence on oil and gas projects that the company is investigating in North Africa and the Middle East.
The oil and gas explorer is based in Vancouver, B.C.
| Issuer: | Emperor Oil Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2.1 million
|
| Units: | 21 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | April 24
|
| Stock symbol: | TSX Venture: EM
|
| Stock price: | C$0.06 at close April 23
|
| Market capitalization: | C$13.63 million
|
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