Company sells 6.8 million units at C$0.25 each with one-year warrants
By Devika Patel
Knoxville, Tenn., April 21 - Morumbi Oil & Gas Inc. said it completed a non-brokered private placement of units. The deal raised C$1.7 million.
The company sold 6.8 million units at C$0.25 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.40 until April 19, 2012. The strike price reflects a 13.04% discount to the April 20 closing share price of C$0.46.
Morumbi is an oil and gas company based in Calgary, Alta.
Issuer: | Morumbi Oil & Gas Inc.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$1.7 million
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Units: | 6.8 million
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Price: | C$0.25
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Warrants: | One half-share warrant per unit
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Warrant expiration: | April 19, 2012
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Warrant strike price: | C$0.40
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Agent: | Non-brokered
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Settlement date: | April 21
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Stock symbol: | TSX Venture: MOC
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Stock price: | C$0.46 at close April 20
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Market capitalization: | C$10.02 million
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