Beaufort Ventures to purchase common stock under three-year agreement
By Devika Patel
Knoxville, Tenn., March 28 - North American Oil & Gas Corp. negotiated a $5 million investment agreement with Beaufort Ventures plc on March 24, according to an 8-K filed Thursday with the Securities and Exchange Commission. This is not an equity line of credit.
Beaufort will buy common shares over three years at a 15% discount to the market price in tranches that are multiples of $100,000.
"This equity investment provides (North American Oil & Gas) with the capital to execute on its business plan of drilling wells, acquiring new acreage and pursuing new play concepts aggressively," president and chief executive officer Robert Rosenthal said in a press release. "Beaufort's support and investment allows maximum flexibility for (North American Oil & Gas) to allocate its capital effectively and pursue its business objectives."
The oil and gas exploration company is based in Ventura, Calif.
| Issuer: | North American Oil & Gas Corp.
|
| Issue: | Investment agreement
|
| Amount: | $5 million
|
| Price: | 15% discount to market price
|
| Tenor: | Three years
|
| Warrants: | No
|
| Investor: | Beaufort Ventures plc
|
| Pricing date: | March 24
|
| Stock symbol: | OTCBB: NAMG
|
| Stock price: | $0.16 at close March 21
|
| Market capitalization: | $9.66 million
|
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