By Devika Patel
Knoxville, Tenn., Dec. 1 - Fox Petroleum Inc. said it will raise $40 million from a private placement of stock. The deal priced Nov. 28.
The company will sell 8 million shares at $0.50 apiece to Carbon Energy Investments Ltd.
The subscription will take place in stages with $20 million settling by Dec. 7, $15 million by Jan. 31 and the balance of $5 million by March 21.
Proceeds will be used for drilling and the company's projects.
Fox is an oil and gas exploration company based in London.
| Issuer: | Fox Petroleum Inc.
|
| Issue: | Shares
|
| Amount: | $40 million
|
| Shares: | 80 million
|
| Price: | $0.50
|
| Warrants: | No
|
| Investor: | Carbon Energy Investments Ltd.
|
| Pricing date: | Nov. 28
|
| Settlement date: | Dec. 7 ($20 million), Jan. 31 ($15 million), March 21 ($5 million)
|
| Stock symbol: | OTCBB: FXPT
|
| Stock price: | $0.60 at close Nov. 28
|
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