By Sheri Kasprzak
New York, Sept. 9 - Odyssey Petroleum Corp. said it has arranged a private placement of units for C$2.1 million.
The company intends to sell 7 million units at C$0.30 each.
The units consist of one share and one warrant. The warrants are exercisable at C$0.40 each for one year.
Proceeds from the offering will be used for the company's oil and natural gas projects in the Puckett and Pelahatchie fields in Mississippi and for working capital.
In other news, Odyssey said it has agreed to buy the remaining one-third interest in the Pelahatchie field from August Energy Corp. Odyssey already owns two-thirds of the field. The purchase is expected to cost about $10 million.
Based in Vancouver, B.C., Odyssey is an oil and natural gas exploration company.
| Issuer: | Odyssey Petroleum Corp.
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| Issue: | Units of one share and one warrant
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| Amount: | C$2.1 million
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| Units: | 7 million
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| Price: | C$0.30
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.40
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| Pricing date: | Sept. 9
|
| Stock price: | C$0.38 at close Sept. 9
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