D&D Securities helps in funding Bakken lands exploration, development
By Devika Patel
Knoxville, Tenn., March 18 - Guardian Exploration Inc. said it settled the initial tranche of a private placement of units. The C$1.5 million deal priced March 3 and is being conducted through D&D Securities Inc. The first tranche closed for C$700,000.
The company is selling 15 million units at C$0.10 each. It sold 7 million units in the first installment.
Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.25 for 18 months. The strike price reflects a 177.78% premium to the March 2 closing share price of C$0.09.
Proceeds will be used for exploration and development expenditures on the Montana Bakken lands, where the company has purchased an additional 6,025 acres, and for working capital.
Calgary, Alta.-based Guardian acquires, explores and develops resource properties.
| Issuer: | Guardian Exploration Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.5 million
|
| Units: | 15 million (7 million in first tranche)
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.25
|
| Agent: | D&D Securities Inc.
|
| Pricing date: | March 3
|
| Settlement date: | March 18 (for C$700,000)
|
| Stock symbol: | TSX Venture: GX
|
| Stock price: | C$0.09 at close March 2
|
| Market capitalization: | C$5.96 million
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