By Sheri Kasprzak
New York, Feb. 15 - Ivory Oils & Minerals Inc. said it has concluded a private placement for C$1,215,000.
The company sold 4.05 million units at C$0.30 each.
The units consist of one share and one half-share warrant. The whole warrants are exercisable at C$0.40 each. Of the shares, 1.5 million were sold on a flow-through basis.
The offering was conducted as part of Ivory Oils' reverse takeover of 1078352 Alberta Ltd., a private oil exploration company. As a condition of the takeover, Ivory's stock will be consolidated on a two-for-one basis.
Proceeds from the placement will be used for working capital.
Based in Vancouver, B.C., Ivory is an oil and natural gas exploration company.
| Issuer: | Ivory Oils & Minerals Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1,215,000
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| Units: | 4.05 million
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| Price: | C$0.30
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| Warrants: | One half-share warrant per unit
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| Warrant strike price: | C$0.40
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| Settlement date: | Feb. 15
|
| Stock symbol: | TSX Venture: IVY
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| Stock price: | C$0.32 at close Feb. 15
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