By Laura Lutz
Washington, Feb. 21 - Gulf Shores Resources Ltd. arranged a private placement of units for up to C$6 million
The company plans to sell up to 7.5 million units of one share and one half-share warrant at C$0.80 per unit. Each whole warrant will be exercisable at C$1.00 for two years.
Canaccord Adams, the agent, has a greenshoe for up to 2.5 million more units.
Proceeds will be used to fund the company's drilling commitments on its Block 12/17 project, for seismic costs on its Quad 4 project, for other projects in the North Sea and for working capital.
Gulf Shores is an oil and gas company based in Vancouver, B.C.
| Issuer: | Gulf Shores Resources Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$6 million
|
| Units: | 7.5 million
|
| Greenshoe: | For 2.5 million units
|
| Price: | C$0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
| Agent: | Canaccord Adams
|
| Pricing date: | Feb. 21
|
| Stock symbol: | TSX Venture: GUL
|
| Stock price: | C$0.88 at close Feb. 21
|
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