By Laura Lutz
Des Moines, Aug. 31 - Texas Gas & Oil Inc. closed a private placement for C$2.75 million, down from the C$5.63 million size announced at pricing on Feb. 28.
The company sold 1,220,012 special warrants at C$2.25 apiece.
Each special warrant is exchangeable for one common share once the company completes its reverse takeover with Legend Power Systems Inc. The special warrants may alternatively be exchanged on a one-for-one basis for common shares of Legend.
The placement was non-brokered.
Proceeds will be used for the acquisition and for working capital.
Based in Burnaby, B.C., Texas Gas & Oil is an oil and natural gas exploration company. The company's shares have been suspended from trading on the TSX Venture Exchange since March 14.
| Issuer: | Texas Gas & Oil Inc.
|
| Issue: | Special warrants exchangeable for common stock
|
| Amount: | C$2,745,023
|
| Special warrants: | 1,220,012
|
| Price: | C$2.25
|
| Warrants: | No
|
| Placement agent: | Non-brokered
|
| Pricing date: | Feb. 28
|
| Settlement date: | Aug. 31
|
| Stock symbol: | TSX Venture: TXG
|
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