By Devika Patel
Knoxville, Tenn., March 3 - Yangarra Resources Ltd. said it has arranged a private placement of units for between C$2 million and C$4 million.
The company will sell between 26,666,667 and 53,333,334 units at C$0.075 per unit. Each unit consists of one common share and one half-share warrant. The whole warrants are exercisable at C$0.10 until March 15, 2012.
Settlement is expected March 22.
Proceeds will be used to purchase a 15% overriding royalty on natural gas and a 5% to 15% sliding scale overriding royalty on oil that covers approximately eleven sections of Cardium and Glauconite perspective Yangarra lands in the Willesden Green area and to participate in a horizontal Cardium and a horizontal Glauconite well in the Willesden Green area.
Yangarra is a resource exploration company based in Calgary, Alta.
Issuer: | Yangarra Resources Ltd.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$2 million (minimum), C$4 million (maximum)
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Units: | 26,666,667 (minimum), 53,333,334 (maximum)
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Price: | C$0.075
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Warrants: | One half-share warrant per unit
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Warrant expiration: | March 15, 2012
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Warrant strike price: | C$0.10
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Pricing date: | March 3
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Settlement date: | March 22
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Stock symbol: | TSX Venture: YAN
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Stock price: | C$0.09 at close March 3
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Market capitalization: | C$7.42 million
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