By Sheri Kasprzak
New York, Sept. 2 - Oracle Energy Corp. said it has arranged a private placement for up to C$1.2 million.
The company plans to sell up to 3 million units at C$0.40 each.
The units are comprised of one share and one warrant. The warrants are exercisable at C$0.50 each for the first year and C$0.60 each for the second year.
Proceeds from the offering will be used for working capital and new project development.
Based in Vancouver, B.C., Oracle is an oil and natural gas exploration company.
| Issuer: | Oracle Energy Corp.
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| Issue: | Units of one share and one warrant
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| Amount: | C$1.2 million (maximum)
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| Units: | 3 million (maximum)
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| Price: | C$0.40
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.50 for the first year; C$0.60 for the second year
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| Pricing date: | Sept. 1
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| Stock price: | C$0.50 at close Sept. 1
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