By Sheri Kasprzak
New York, Oct. 20 - Odyssey Petroleum Corp. closed an oversubscribed private placement for C$5,144,840.
The company sold 16,077,625 units at C$0.32 each.
The units include one share and one warrant. The warrants allow for another share at C$0.425 each for one year.
The deal was first announced Sept. 9 as a C$2.1 million offering of 7 million units at C$0.30 each The warrants were originally exercisable at C$0.40 each. The offering was upsized to C$5.12 million on Sept. 16 and the price per unit increased to C$0.32.
Proceeds will be used for the company's oil and natural gas projects in the Puckett and Pelahatchie fields in Mississippi and for working capital.
Based in Vancouver, B.C., Odyssey is an oil and natural gas exploration company.
| Issuer: | Odyssey Petroleum Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$5,144,840
|
| Units: | 16,077,625
|
| Price: | C$0.32
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.425
|
| Pricing date: | Sept. 9
|
| Settlement date: | Oct. 19
|
| Stock price: | C$0.38 at close Sept. 9
|
| Stock price: | C$0.375lose Oct. 19
|
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