By Devika Patel
Knoxville, Tenn., Nov. 5 - Invicta Oil & Gas Ltd. announced it has increased a non-brokered private placement of stock to C$40 million from C$35 million. The deal was announced as a C$40 million placement on Oct. 1 and priced on Nov. 1.
The company now will sell around 71.43 million common shares at C$0.56 per share. It planned to sell 62.5 million shares when the deal priced.
As previously reported, settlement is expected on Nov. 16.
A portion of the proceeds will be used to finance the closing of a previously announced deal with Cheetah Oil & Gas Ltd., its subsidiary, Cheetah BC, and Kepis & Pobe Investments Inc. in which Invicta plans to acquire 90% of Cheetah BC's shares. The balance of the proceeds will be used for exploration and working capital.
Invicta Oil & Gas is an oil and gas company based in Vancouver, B.C.
| Issuer: | Invicta Oil & Gas Ltd.
|
| Issue: | Common shares
|
| Amount: | C$40 million
|
| Shares: | 71.43 million (approximate)
|
| Price: | C$0.56
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Pricing date: | Nov. 1
|
| Upsized: | Nov. 5
|
| Settlement date: | Nov. 16
|
| Stock symbol: | TSX Venture: IGG
|
| Stock price: | C$0.70 at close Oct. 31
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
