Offering funds pursuit of oil and gas opportunities in Latin America
By Devika Patel
Knoxville, Tenn., April 6 – EastSiberian plc said it settled the first C$1.04 million tranche of a C$1.5 million non-brokered private placement of stock on April 2. The deal priced on June 30, 2014 and was increased to C$1.5 million from C$500,000 on Sept. 10, 2014.
The company is selling 30 million common shares at C$0.05 per share. The price per share represents a 37.5% discount to the Sept. 9, 2014 closing share price of C$0.08. It sold 20,806,945 shares in the initial tranche.
Proceeds will be used to pursue oil and gas opportunities in Latin America and for general working capital.
The oil and natural gas explorer is based in St. Helier, Jersey.
| Issuer: | EastSiberian plc
|
| Issue: | Common shares
|
| Amount: | C$1.5 million
|
| Shares: | 30 million
|
| Price: | C$0.05
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | June 30, 2014
|
| Upsized: | Sept. 10, 2014
|
| Settlement date: | April 2 (for C$1,040,347)
|
| Stock symbol: | TSX Venture: ESB
|
| Stock price: | C$0.08 at close Sept. 9
|
| Market capitalization: | C$392,320
|
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