By Devika Patel
Knoxville, Tenn., Nov. 15 - Oromin Explorations Ltd. announced it has raised C$13.5 million in a private placement of units.
The company sold 5.4 million units at C$2.50 per unit. Each unit consists of one share and one half-share warrant. Each whole warrant is exercisable at C$3.30 for two years.
The warrants may expire sooner if Oromin's shares close at C$5.00 or higher for 20 consecutive trading days. In that case, the warrants will expire on the 21st day after Oromin notifies holders.
The securities have a four-month hold period.
J.F. Mackie & Co. Ltd. was the agent for this placement and received an 8% commission of C$13.5 million and broker warrants to buy up to 540,000 shares at C$2.75 for two years.
Based in Vancouver, B.C., Oromin is an oil and natural gas exploration company.
| Issuer: | Oromin Explorations Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$13.5 million
|
| Units: | 5.4 million
|
| Price: | C$2.50
|
| Warrants: | One half warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$3.30
|
| Agent: | J.F. Mackie & Co. Ltd.
|
| Fees: | C$13.5 million and broker warrants to buy up to 540,000 shares
|
| Settlement date: | Nov. 15
|
| Stock symbol: | TSX Venture: OLE
|
| Stock price: | C$2.80 at close Nov. 15
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
