By Devika Patel
Knoxville, Tenn., May 11 - Bontan Corp. Inc. said it completed a $7.55 million non-brokered private placement of units.
The company sold 37.75 million units of one common share and one warrant at $0.20 apiece. Each warrant is exercisable at $0.35 for five years.
Some proceeds from the offering have been used in connection with the company's 11% net working interest in the two drilling licenses in offshore Israel.
Based in Toronto, Bontan invests in and operates natural resource projects.
| Issuer: | Bontan Corp. Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $7.55 million
|
| Units: | 37.75 million
|
| Price: | $0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.35
|
| Agent: | Non-brokered
|
| Settlement date: | May 11
|
| Stock symbol: | OTCBB: BNTNF
|
| Stock price: | $0.35 at close May 10
|
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