By Sheri Kasprzak
Atlanta, March 22 - TAG Oil Ltd. said it has raised $3,626,600 in an upsized private placement.
The company sold a total of 9,066,500 units at $0.40 each to investors in North America and Europe.
The units are comprised of one share and one warrant. The warrant provides for an additional share at $0.60 each for the first year and $0.80 each for the second year. The expiry of the warrants may be accelerated to 30 days if the company's stock trades above $1.00 in the first year and $1.20 in the second year.
The offering was first announced Feb. 25 as a $3.2 million offering of up to 8 million units under the same terms.
In other news, TAG said its subsidiary TAG Oil NZ Ltd. has entered into an agreement with Bridge Petroleum Ltd. for 16.67% of Bridge's 33% interest in a petroleum exploration permit in the Taranaki production fairway.
Based in Calgary, Alta., TAG is an oil and natural gas exploration and development company. It plans to use the proceeds from the deal for drilling prospects.
| Issuer: | TAG Oil Ltd.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $3,626,600
|
| Units: | 9,066,500
|
| Price: | $0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.60 for the first year; $0.80 for the second year
|
| Pricing date: | Feb. 25
|
| Settlement date: | March 22
|
| Stock price: | $0.71 at close Feb. 25
|
| Stock price: | $0.79 at close March 22
|
|
|
© 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.
