Non-brokered deal to fund third-party engineering report, acquisition
By Devika Patel
Knoxville, Tenn., Sept. 10 – EastSiberian plc said it increased its non-brokered private placement of stock to C$1.5 million from C$500,000. The deal priced on June 30.
The company will now sell 30 million common shares at C$0.05 per share. The price per share represents a 37.5% discount to the Sept. 9 closing share price of C$0.08.
Settlement of the final tranche is expected on Oct. 31.
Proceeds will be used for a third-party engineering report, a possible acquisition of oil and gas concessions in Latin America and general corporate purposes.
The oil and natural gas explorer is based in St. Helier, Jersey.
| Issuer: | EastSiberian plc
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| Issue: | Common shares
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| Amount: | C$1.5 million
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| Shares: | 30 million
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| Price: | C$0.05
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| Warrants: | No
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| Agent: | Non-brokered
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| Pricing date: | June 30
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| Upsized: | Sept. 10
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| Settlement date: | Oct. 31
|
| Stock symbol: | TSX Venture: ESB
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| Stock price: | C$0.08 at close Sept. 9
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| Market capitalization: | C$382,240
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