By Sheri Kasprzak
New York, Feb. 12 - West Africa Energy Inc. has increased to C$9 million a previously announced private placement.
The offering now includes up to 20 million units at C$0.45 each.
The units are comprised of one share and one warrant with each warrant exercisable at C$0.60 for one year. Exercise of the warrants may be forced if the company's stock exceeds C$1.00 for more than 20 consecutive trading days.
The placement includes a greenshoe for up to C$3 million.
The deal originally consisted of up to 8 million units under the same terms.
Proceeds will be used for the development of the company's Mali assets and for the ongoing commitment related to West Africa's right to acquire material interest in two petroleum licenses from Arax Energy Inc.
London-based West Africa acquires hydrocarbon assets.
| Issuer: | West Africa Energy Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$9 million
|
| Greenshoe: | For up to C$3 million
|
| Units: | 20 million
|
| Price: | C$0.45
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.60
|
| Pricing date: | Feb. 12
|
| Stock symbol: | TSX Venture: WAE
|
| Stock price: | C$0.52 at close Feb. 12
|
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