By Sheri Kasprzak
Atlanta, Jan. 25 - Oilexco Inc. said it plans to raise £7,000,500 in a private placement of stock.
The company plans to sell up to 5,385,000 shares at £1.30 each.
The offering is expected to be sold to European institutional investors and should close by Feb. 7.
Based in London, Oilexco is traded on both the Toronto Stock Exchange's Venture Exchange and the London Stock Exchange.
The oil exploration and development company plans to use the proceeds from the offering for its 2005 U.K. North Sea drilling program.
| Issuer: | Oilexco Inc.
|
| Issue: | Stock
|
| Amount: | £7,000,500
|
| Shares: | 5,385,000
|
| Price: | £1.30
|
| Warrants: | No
|
| Pricing date: | Jan. 25
|
| Settlement date: | Feb. 7
|
| Stock price: | C$3.07 at close Jan. 25
|
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