By Sheri Kasprzak
New York, Sept. 2 - Brinx Resources Ltd. said it has wrapped a private placement of units for $1 million.
The company sold 500,000 units at $2.00 each to a single accredited investor.
The units are comprised of one share and one warrant. The warrants are exercisable at $2.50 each for two years.
The proceeds will be used to buy 70% working interest in the Owl Creek oil and gas prospect in Oklahoma.
Based in Albuquerque, N.M., Brinx is an oil and natural gas exploration company.
| Issuer: | Brinx Resources Ltd.
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| Issue: | Units of one share and one warrant
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| Amount: | $1 million
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| Units: | 500,000
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| Price: | $2.00
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | $2.50
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| Settlement date: | Sept. 2
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| Stock price: | $1.86 at close Sept. 1
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