By Devika Patel
Knoxville, Tenn., June 19 - Oromin Explorations Ltd. said it completed a private placement of common shares, raising C$20 million. The deal priced for up to C$15 million with a C$5 million greenshoe on May 28.
The company sold 28,571,429 common shares at C$0.70 each.
The deal was conducted by a syndicate of agents led by Toll Cross Securities Inc. and including Arbuthnot Securities Ltd., Dahlman Rose & Co., LLC and Research Capital Corp.
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$20 million (including C$5 million greenshoe)
|
| Shares: | 28,571,429
|
| Price: | C$0.70
|
| Warrants: | No
|
| Agents: | Toll Cross Securities Inc. (lead), Arbuthnot Securities Ltd., Dahlman Rose & Co., LLC and Research Capital Corp
|
| Pricing date: | May 28
|
| Settlement date: | June 16
|
| Stock symbol: | TSX Venture: OLE
|
| Stock price: | C$0.72 at close May 28
|
| Market capitalization: | C$57.5 million
|
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