Oil producer sells units of one common share and one warrant at C$0.30
By Devika Patel
Knoxville, Tenn., Feb. 2 - Gale Force Petroleum Inc. said it settled a private placement of units. The deal took in C$1.08 million.
The company sold 3,601,008 units at C$0.30 apiece. Each unit consists of one common share and a warrant. Each warrant is exercisable at C$0.50 until July 31, 2012. The strike price is an 88.68% premium to C$0.265, the Jan. 31 closing share price.
Kingsmont Investment Management was the agent.
Based in Montreal, Gale Force Petroleum sells oil that it produces from wells located in Manitoba.
| Issuer: | Gale Force Petroleum Inc.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$1,080,302
|
| Units: | 3,601,008
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | July 31, 2012
|
| Warrant strike price: | C$0.50
|
| Agent: | Kingsmont Investment Management
|
| Settlement date: | Feb. 2
|
| Stock symbol: | TSX Venture: GFP
|
| Stock price: | C$0.23 at close Feb. 2
|
| Market capitalization: | C$3.53 million
|
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