Placement also includes one-year warrants, each exercisable at $0.30
By Devika Patel
Knoxville, Tenn., Nov. 15 - GeoGlobal Resources Inc. said it will conduct a $3.9 million private placement of stock and units. Rodman & Renshaw Capital Group, Inc. is the agent.
The company will sell 16,466,639 common shares by Nov. 21 and will also sell a number of common shares equal to 33% of the outstanding shares in a second offering.
The investor will also receive 16,466,639 warrants, which are each exercisable at $0.30 for one year.
The investor may also purchase 16,466,639 units of one common share and one warrant at $0.24 per unit, with each warrant exercisable at $0.30 for one year.
The strike price is an 11.11% premium to the Nov. 14 closing share price of $0.27.
Proceeds will be used to fund the company's share in the Israeli Drilling Licenses exploration and development activities.
GeoGlobal is an oil and gas company with headquarters in Calgary, Alta.
| Issuer: | GeoGlobal Resources Inc.
|
| Issue: | Common stock
|
| Amount: | C$3.9 million
|
| Shares: | 16,466,639
|
| Warrants: | 16,466,639
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.30
|
| Agent: | Rodman & Renshaw Capital Group, Inc.
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 21
|
| Stock symbol: | Amex: GGR
|
| Stock price: | $0.27 at close Nov. 14
|
| Market capitalization: | $27.37 million
|
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