By Sheri Kasprzak
New York, June 6 - The American Energy Group, Ltd. has completed its previously announced $3.95 million private placement.
In all, the company sold 2,323,529 shares at $1.70 each.
The investors received a total of 1,161,766 warrants, exercisable at $1.70 each for five years.
The warrants are redeemable if the company's stock trades above $2.50 for more than 20 consecutive trading days after the shares are registered.
On May 11, the company issued 1,705,882 shares to a group of U.S.-based institutional investors.
The proceeds will be used for the acquisition of royalty interests in an oil and gas concession in Pakistan. The rest will be used for general corporate purposes.
Based in Westport, Conn., The American Energy Group is an oil and natural gas drilling and exploration company.
| Issuer: | The American Energy Group, Ltd.
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| Issue: | Stock
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| Amount: | $3.95 million
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| Shares: | 2,323,529
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| Price: | $1.70
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| Warrants: | For 1,161,766 shares
|
| Warrant expiration: | Five years
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| Warrant strike price: | $1.70
|
| Settlement date: | June 6
|
| Stock symbol: | OTCBB: AEGG
|
| Stock price: | $1.70 at close June 5
|
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