By Laura Lutz
Des Moines, Oct. 26 - Texas Gas & Oil Inc. plans to raise up to C$2.25 million from a private placement of special warrants.
The company plans to sell up to 1 million special warrants at C$2.25 each.
Each special warrant will become exchangeable for one share of the company upon completion of its reverse takeover with Legend Power Systems Inc. If the reverse takeover is not completed, each special warrant will be exchangeable for one share of Legend.
The proceeds of the placement will be advanced to Legend to provide it with the working capital required to continue with its business plan.
The placement will be non-brokered.
Texas Gas & Oil is an oil and natural gas exploration company based in Burnaby, B.C. The company's shares have been suspended from trading on the TSX Venture Exchange since March 14.
Issuer: | Texas Gas & Oil Inc.
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Issue: | Special warrants exchangeable for common stock
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Amount: | C$2.25 million
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Special warrants: | 1 million
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Price: | C$2.25
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Warrants: | No
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Agent: | Non-brokered
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Pricing date: | Oct. 26
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Stock symbol: | TSX Venture: TXG
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