New York, Nov. 3 - Arcan Resources Ltd. completed a C$5 million private placement ahead of its planned reverse merger with Desco Energy Ltd.
Arcan sold 838,224 units at C$6.00 per unit for proceeds of C$5,029,344.
Each unit includes one common share at a price of C$2.80 and one flow-through common share at a price of C$3.20 per share.
Proceeds will be used for to fund Arcan's oil and natural gas exploration and development program and for general working capital purposes.
Desco is based in Calgary, Alta.
| Issuer: | Arcan Resources Ltd.
|
| Issue: | Units of common shares and flow-through common shares
|
| Amount: | C$5,029,344
|
| Units: | 838,224
|
| Price: | C$6.00
|
| Settlement date: | Nov. 3
|
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