By Devika Patel
Knoxville, Tenn., Aug. 6 - Petro-Reef Resources Ltd. said it raised C$1.51 million in a private placement. The deal priced for C$2 million on July 13.
The company sold 5,033,700 units at C$0.30 per unit. Each unit consists of one flow-through share and a warrant, with each warrant exercisable at C$0.40 for one year.
The deal was conducted by PI Financial Corp.
Proceeds will be used for drilling.
Petro-Reef is a Calgary, Alta.-based oil and gas company.
| Issuer: | Petro-Reef Resources Ltd.
|
| Issue: | Units of one flow-through share and a warrant
|
| Amount: | C$1,510,110
|
| Units: | 5,033,700
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.40
|
| Agent: | PI Financial Corp.
|
| Pricing date: | July 13
|
| Settlement date: | Aug. 6
|
| Stock symbol: | TSX Venture: PER
|
| Stock price: | C$0.25 at close July 10
|
| Market capitalization: | C$7.68 million
|
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