By Laura Lutz
Des Moines, June 1 - GeoGlobal Resources Inc. arranged a private placement of units for up to $25 million.
The company plans to sell up to 5 million units of one share and one half-share warrant at $5 per unit. Each whole warrant will be exercisable at $7.50 for two years.
The deal will be placed through a syndicate of agents.
Expiry of the warrants may be accelerated to 30 days if the trading price of the company's shares exceeds $12 for 20 consecutive trading days, provided that the resale of the securities by the holders has been registered in the United States and that the hold period for Canadian subscribers has expired.
Proceeds will be used for exploration and development and for general corporate purposes.
GeoGlobal is an oil and gas company with headquarters in Calgary, Alta.
| Issuer: | GeoGlobal Resources Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $25 million
|
| Units: | 5 million
|
| Price: | $5.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $7.50
|
| Pricing date: | June 1
|
| Stock symbol: | Amex: GGR
|
| Stock price: | $5.17 at close May 31
|
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