By Sheri Kasprzak
New York, July 13 - Texalta Petroleum Ltd. said it plans to raise up to C$1 million in a private placement of units.
The offering includes a maximum of 6,666,666 units and a minimum of 666,666 units at C$0.15 each.
The units include one flow-through share and one warrant. The warrants allow for an additional share at C$0.35 each for one year.
The proceeds will be used for drilling on properties in Saskatchewan in 2005 and 2006.
Calgary, Alta.-based Texalta is an oil and natural gas exploration company.
| Issuer: | Texalta Petroleum Ltd.
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| Issue: | Units of one flow-through share and one warrant
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| Amount: | C$1 million; C$100,000 (minimum)
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| Units: | 6,666,666 (maximum); 666,666 (minimum)
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| Price: | C$0.15
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.35
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| Pricing date: | July 13
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| Stock price: | C$0.095 at close July 8 (last trade)
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