By Sheri Kasprzak
Atlanta, Nov. 2 - TriOil Ltd. said Tuesday it will raise C$3,087,500 in a private placement.
The offering consists of 4.75 million flow-through common shares at C$0.65.
Placement agents Woodstone Capital Inc., Acumen Capital Partners and Fraser Mackenzie Ltd. may grant an additional 1 million flow-through shares.
The offering is being completed on a best-efforts basis.
TriOil is a Calgary, Alta.-based oil and natural gas exploration, development and production company. It plans to use the proceeds from the financing to advance its production in the fourth quarter with the drilling of up to 14 gas wells.
| Issuer: | TriOil Ltd.
|
| Issue: | Flow-through common shares
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| Amount: | C$3,087,500
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| Shares: | 4.75 million
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| Price: | C$0.65
|
| Warrants: | No
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| Placement agent: | Woodstone Capital Inc., Acumen Capital Partners, Fraser Mackenzie Ltd.
|
| Announcement date: | Nov. 2
|
| Stock price: | C$0.55 at close Nov. 2
|
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