By Devika Patel
Knoxville, Tenn., Oct. 9 - Cobalt Energy Ltd. said it raised C$1.01 million in a private placement of stock. The deal priced for C$2 million on Sept. 24.
The company sold 500,000 class A common shares at C$0.30 apiece for C$150,000 and 2,444,357 flow-through class A common shares at C$0.35 apiece for C$855,525.
It planned to sell up to 2 million class A common shares for C$600,000 and up to 4 million flow-through class A common shares for C$1.4 million.
Proceeds will be used to fund Cobalt's ongoing drilling and well recompletion operations in its core focus areas and for general corporate purposes.
Based in Calgary, Alta., Cobalt is a crude oil and natural gas exploration, development and production company.
| Issuer: | Cobalt Energy Ltd.
|
| Issue: | Class A common shares, flow-through class A common shares
|
| Amount: | C$1,005,524.95
|
| Warrants: | No
|
| Pricing date: | Sept. 24
|
| Settlement date: | Oct. 9
|
| Stock symbol: | TSX Venture: CB.A
|
| Stock price: | C$0.405 at close Aug. 26
|
|
|
| Class A common shares
|
| Amount: | C$150,000
|
| Shares: | 500,000
|
| Price: | C$0.30
|
|
|
| Flow-through class A common shares
|
| Amount: | C$855,524.95
|
| Shares: | 2,444,357
|
| Price: | C$0.35
|
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