By Devika Patel
Knoxville, Tenn., June 17 - Base Oil & Gas Ltd. said it has closed the first tranche of a C$1 million non-brokered private placement of stock, raising C$231,000. The deal priced June 1.
The company is selling 3,333,333 flow-through common shares at C$0.30 each. It sold 770,000 shares in this tranche.
The proceeds will be used to finance the company's share of the second earning well under a farm-in agreement to develop Cardium production with a private company in the Pembina area.
The crude oil and natural gas company is based in Calgary, Alta.
| Issuer: | Base Oil & Gas Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$1 million
|
| Shares: | 3,333,333
|
| Price: | C$0.30
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | June 1
|
| Settlement date: | June 17 (for C$231,000)
|
| Stock symbol: | TSX Venture: BOG
|
| Stock price: | C$0.25 at close May 31
|
| Market capitalization: | C$4.05 million
|
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