By Sheri Kasprzak
New York, Jan. 24 - Oromin Explorations Ltd. said it has settled a C$6 million private placement.
The company issued a total of 7,058,823 units at C$0.85 each.
In the final tranche, the company sold 1,764,706 units.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at C$1.20 each through Jan. 20, 2008.
The expiry of the warrants will be accelerated to 30 days if the company's stock trades above C$2.40 for more than 15 consecutive trading days.
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$6 million
|
| Units: | 7,058,823
|
| Price: | C$0.85
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Jan. 20, 2008
|
| Warrant strike price: | C$1.20
|
| Settlement date: | Jan. 24
|
| Stock symbol: | TSX Venture: OLE
|
| Stock price: | C$1.76 at close Jan. 24
|
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