By Laura Lutz
Des Moines, June 22 - GeoGlobal Resources Inc. settled an oversubscribed private placement of units for $28.4 million, up from the $25 million maximum size announced on June 1.
The company sold 5.68 million units of one share and one half-share warrant at $5.00 per unit. Each whole warrant will be exercisable at $7.50 for two years.
Expiry of the warrants may be accelerated to 30 days if the trading price of the company's shares exceeds $12.00 for 20 consecutive trading days, provided that the resale of the securities by the holders has been registered in the United States and that the hold period for Canadian subscribers has expired.
Primary Capital Inc. and Jones, Gable & Co. Ltd. acted as agents.
Proceeds will be used for exploration and development and for general corporate purposes.
GeoGlobal is an oil and gas company with headquarters in Calgary, Alta.
| Issuer: | GeoGlobal Resources Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $28.4 million
|
| Units: | 5.68 million
|
| Price: | $5.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $7.50
|
| Agents: | Primary Capital Inc. and Jones, Gable & Co. Ltd.
|
| Pricing date: | June 1
|
| Settlement date: | June 22
|
| Stock symbol: | Amex: GGR
|
| Stock price: | $5.17 at close May 31
|
| Stock price: | $5.25 at close June 22
|
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