By Sheri Kasprzak
Atlanta, April 25 - Landmark Oil & Gas Corp. said it has raised C$1,375,000 in three separate private placements.
The company sold 375 convertible debentures at C$1,000 each for proceeds of C$375,000.
The debentures bear interest at 10% annually, mature in two years and are convertible into common shares at C$0.25 each.
The company also sold 2 million units at C$0.25 each for proceeds of C$500,000.
The units include one flow-through share and one warrant. The whole warrants allow for an additional common share at C$0.35 each for the first year and C$0.45 each for the second year.
In its final offering, Landmark sold 2 million units at C$0.25 each for another C$500,000.
The units are comprised of one common share and one warrant. The full warrants provide for an additional common share at C$0.40 each for two years.
Based in Calgary, Alta., Landmark is an oil and natural gas exploration and development company. It plans to use the proceeds from the offerings for drilling and development and for working capital.
First issue
| Issuer: | Landmark Oil & Gas Corp.
|
| Issue: | Convertible debentures
|
| Amount: | C$375,000
|
| Debentures: | 375
|
| Price: | C$1,000
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$0.25
|
| Warrants: | No
|
| Settlement date: | April 22
|
| Stock price: | C$0.25 at close April 22
|
|
|
| Second issue
|
| Issuer: Landmark Oil & Gas Corp.
|
| Issue: | Units of one flow-through share and one warrant
|
| Amount: | C$500,000
|
| Units: | 2 million
|
| Price: | C$0.25
|
| Warrants: | One common share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35 for first year; C$0.45 for second year
|
| Settlement date: | April 22
|
| Stock price: | C$0.25 at close April 22
|
|
|
| Third issue
|
| Issuer: Landmark Oil & Gas Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$500,000
|
| Units: | 2 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Settlement date: | April 22
|
| Stock price: | C$0.25 at close April 22
|
|
|
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