By Jennifer Chiou
New York, May 28 - Oromin Explorations Ltd. announced that it entered into an agreement for a best-efforts private placement of common shares for up to C$15 million.
The company plans to sell shares at C$0.70 each.
Underwriters have been granted a C$5 million greenshoe, which must be exercised at least two days prior to closing of the placement.
Settlement is expected on June 16.
Proceeds are earmarked for the company's Sabodala gold project in Senegal and its Santa Rosa Dome oil and gas project in Argentina. Remaining proceeds will go towards general working capital.
Based in Vancouver, B.C., Oromin is an oil and natural gas exploration company.
| Issuer: | Oromin Explorations Ltd.
|
| Issue: | Common shares
|
| Amount: | C$15 million
|
| Price: | C$0.70
|
| Warrants: | No
|
| Announcement date: | May 28
|
| Settlement date: | June 16
|
| Stock symbol: | TSX Venture: OLE
|
| Stock price: | C$0.72 at close May 28
|
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