By Devika Patel
Knoxville, Tenn., Dec. 2 - Hemisphere Energy Corp. said it settled a C$785,000 tranche of a C$1 million non-brokered private placement of units. The deal priced Nov. 4.
The company is selling 5 million units at C$0.20 apiece. It sold 3,925,000 units in this tranche.
Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.30 for one year.
Proceeds will be used for exploration and development.
The Vancouver, B.C.-based company is engaged in the exploration and development of its oil and gas properties.
Issuer: | Hemisphere Energy Corp.
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Issue: | Units of one common share and one warrant
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Amount: | C$1 million
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Units: | 5 million
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Price: | C$0.20
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Warrants: | One warrant per unit
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Warrant expiration: | Dec. 1, 2010
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Warrant strike price: | C$0.30
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Agent: | Non-brokered
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Pricing date: | Nov. 4
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Settlement date: | Dec. 2 (for C$785,000)
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Stock symbol: | TSX Venture: HME
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Stock price: | C$0.22 at close Nov. 3
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Market capitalization: | C$2.57 million
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