Non-brokered deal to fund work programs at Nordegg, Bakken properties
By Devika Patel
Knoxville, Tenn., March 11 - Anglo Canadian Oil Corp. said it has arranged a non-brokered private placement of units and stock. It will raise C$6 million.
The company will sell 12 million units of one common share and one half-share warrant at C$0.25 each for C$3 million. The whole warrants are exercisable at C$0.33 for 18 months. The strike price reflects a 17.86% premium to the March 10 closing share price of C$0.28.
The company also will sell 10,344,900 flow-through common shares at C$0.29 each for C$3 million. The price per share is a 3.57% premium to the March 10 closing share price.
Settlement is expected March 31.
Proceeds will be used for the company's ongoing work program in its Nordegg and Bakken oil properties and exploration.
Anglo Canadian is a Calgary, Alta.-based petroleum and natural gas company.
| Issuer: | Anglo Canadian Oil Corp.
|
| Issue: | Units of one common share and one half-share warrant, flow-through common shares
|
| Amount: | C$6 million
|
| Agent: | Non-brokered
|
| Pricing date: | March 11
|
| Settlement date: | March 31
|
| Stock symbol: | TSX Venture: ACG
|
| Stock price: | C$0.28 at close March 10
|
| Market capitalization: | C$32.62 million
|
|
|
| Units
|
| Amount: | C$3 million
|
| Units: | 12 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.33
|
|
|
| Shares
|
| Amount: | C$3 million
|
| Shares: | 10,344,900
|
| Price: | C$0.29
|
| Warrants: | No
|
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