By Sheri Kasprzak
Atlanta, Nov. 4 - TriOil Ltd. said Thursday it has upsized its previously announced C$3,087,500 private placement to C$4.25 million.
Placement agents Woodstone Capital Inc., Acumen Capital Partners and Fraser Mackenzie Ltd. exercised the option to increase the size of the offering by 1 million flow-through shares. TriOil will also issue an additional 789,000 flow-through shares for a total of 6.539 million flow-through shares at C$0.65.
On Nov. 2, TriOil raised C$3,087,500 with the placement of 4.75 million flow-through common shares at C$0.65.
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 shares
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| Amount: | C$4.25 million
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| Shares: | 6,539,000 flow-through shares
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| Price: | C$0.65
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| Warrants: | No
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| Placement agent: | Woodstone Capital Inc., Acumen Capital Partners and Fraser Mackenzie Ltd.
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| Announcement date: | Nov. 2
|
| Upsized: | Nov. 4
|
| Stock price: | C$0.55 at close Nov. 2
|
| Stock price: | C$0.55 at close Nov. 4
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