Nordic Oil cancels C$1 million private placement of units

By Sheri Kasprzak

Atlanta, June 10 - Nordic Oil & Gas Ltd. said it will not proceed with its previously announced C$1 million private placement.

The company said it is pursuing farm-in and joint venture opportunities for its drilling and exploration activities in Alberta and Saskatchewan.

"We fully intend to proceed with our drilling and development programs that we have planned at Joffre, Preeceville and Kamsack," said company chairman and chief executive officer Donald Benson in a statement.

The company had first announced the deal as a C$5.6 million offering but later dropped the offering to C$1.0 million.

The downsized private placement had included up to 2 million flow-through share units at C$0.50 each. The units had been comprised of one flow-through and one half-share warrant. The whole warrants would have been exercisable at C$0.75 each for one year.

Based in Winnipeg, Man., Nordic is an oil and natural gas exploration company.

On Friday, Nordic Oil's stock closed down C$0.02 at C$0.39.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.