Non-brokered deal sells units of one share and one warrant at C$0.03
By Devika Patel
Knoxville, Tenn., March 22 – Pennine Petroleum Corp. said it plans a C$1.5 million non-brokered private placement of units.
The company will sell 50 million units of one common share and one warrant at C$0.03 per unit.
Each warrant is exercisable at C$0.05 for one year. The strike price represents a 66.67% premium to the March 21 closing share price of C$0.03.
Proceeds will be used for a production sharing agreement for the Velca Block in Albania and for working capital.
The oil and natural gas exploration company is based in Calgary, Alta.
| Issuer: | Pennine Petroleum Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 50 million
|
| Price: | C$0.03
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.05
|
| Agent: | Non-brokered
|
| Pricing date: | March 22
|
| Stock symbol: | TSX Venture: PNN
|
| Stock price: | C$0.03 at close March 21
|
| Market capitalization: | C$2.53 million
|
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