By Devika Patel
Knoxville, Tenn., Dec. 1 - Americas Petrogas Inc. said it completed the second tranche of a C$5 million non-brokered private placement of stock for C$500,000. The deal priced Nov. 24, and the company raised C$4.5 million in the first tranche on Nov. 26.
The company sold 11,111,112 common shares at C$0.45 each. Of those shares, it sold 10 million shares in the first tranche and 1,111,112 shares in the second.
Proceeds will be used to cover the costs of installing and commissioning the production facilities at the Medanito Sur block, for exploration on the potash project and for general working capital.
Americas Petrogas is a Calgary, Alta.-based oil and gas exploration and development company.
| Issuer: | Americas Petrogas Inc.
|
| Issue: | Common stock
|
| Amount: | C$5 million
|
| Shares: | 11,111,112
|
| Price: | C$0.45
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 24
|
| Settlement dates: | Nov. 26 (for C$4.5 million), Nov. 30 (for C$500,000)
|
| Stock symbol: | TSX Venture: BOE
|
| Stock price: | C$0.47 at close Nov. 23
|
| Market capitalization: | C$37 million
|
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