By Sheri Kasprzak
Atlanta, May 27 - EnerGulf Resources Inc. said it plans to raise up to $1.05 million in a private placement.
The offering includes up to 1.5 million units at $0.70 each.
The units are comprised of one share and one warrant. The warrants provide for an additional share at $1.10 each for one year.
As part of the private placement, EnerGulf said it will cancel 2 million of its issued and outstanding shares held by its subsidiary, Energulf Colombiana de Petroleos Ltd., and return those shares to treasury.
Based in Houston, EnerGulf is an oil and natural gas exploration company.
Issuer: | EnerGulf Resources Inc.
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Issue: | Units of one share and one warrant
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Amount: | $1.05 million (maximum)
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Units: | 1.5 million (maximum)
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Price: | $0.70
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Warrants: | One warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | $1.10
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Pricing date: | May 26
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Stock price: | $0.75 at close May 26
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