By Devika Patel
Knoxville, Tenn., Dec. 7 - Greentree Gas & Oil Ltd. announced it has raised C$402,600 in the first tranche of a C$1.25 million private placement of units and shares. It also said it was amending the terms of the deal, which priced Oct. 30.
The company sold 3,131,363 units in this tranche. It now plans to sell C$1 million of units, or 9,090,909 units, at C$0.11 apiece and up to C$250,000 of flow-through shares, or 1,666,667 shares, at C$0.15 each.
The company originally said it would sell C$625,000 of units and C$625,000 of flow-through shares.
All other terms of the offering remain unchanged. A second tranche of will close on Dec. 11 and a final tranche is expected to close on Dec. 20.
As previously reported, each unit consists of one common share and one warrant, with each warrant exercisable at C$0.16 for a year.
Capital Street Group Investment Services, Inc. is the agent.
Greentree will pay Capital Street a 10% finder's fee for a portion of the deal.
Proceeds will be used to finance evaluation of additional shallow oil properties, to rework and re-stimulate existing producing wells, to enhance production and to reduce outstanding debt.
London, Ont.-based Greentree is a junior oil and gas exploration and production company. The company focuses on its core areas in southwestern Ontario, where it continues to explore and develop long-life reserves of natural gas and light oil.
Issuer: | Greentree Gas & Oil Ltd.
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Issue: | Flow-through common shares, units of one common share and one warrant
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Amount: | C$1.25 million
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Agent: | Capital Street Group Investment Services, Inc.
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Fees: | 10%
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Pricing date: | Oct. 30
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Amended: | Dec. 7
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Settlement dates: | Dec. 7 (for C$402,600); Dec. 11 (second tranche); Dec. 20 (third tranche)
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Stock symbol: | TSX Venture: GGO
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Stock price: | C$0.14 at close Oct. 29
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Shares
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Amount: | C$250,000
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Shares: | 1,666,667
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Price: | C$0.15
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Warrants: | No
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Units
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Amount: | C$1 million
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Units: | 9,090,909
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Price: | C$0.11
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Warrants: | One warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.16
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