By Sheri Kasprzak
New York, Feb. 28 - AMG Oil Ltd. said it settled a private placement with the greenshoe for $1.5 million.
The company sold 6 million units, including the over-allotment for 1 million units exercised by placement agent Jones Gable & Co. Ltd., at $0.25 apiece.
The units are comprised of one share and one warrant. The warrants are exercisable at $0.50 each for two years.
Proceeds will be used for working capital and for the acquisition of interests in a resource-based asset.
Vancouver, B.C.-based AMG is an oil and natural gas exploration company.
| Issuer: | AMG Oil Ltd.
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| Issue: | Units of one share and one warrant
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| Amount: | $1.5 million
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| Units: | 6 million (including greenshoe for 1 million units)
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| Price: | $0.25
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | $0.50
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| Placement agent: | Jones Gable & Co. Ltd.
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| Settlement date: | Feb. 28
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| Stock symbol: | OTCBB: AMGO
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| Stock price: | $0.91 at close Feb. 28
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