- Eco (Atlantic) Oil & Gas (EOG) has completed a US$12.3 million equity capital raise
- A total of 33,406,531 new common shares in the capital of the company and 33,406,531 warrants to subscribe for common shares have been conditionally placed are involved
- Each 30p unit consists of one new common share and one warrant to purchase one new common share at a price of US$0.40625 (33p; C$0.5215) for a period of three years
- Eco (Atlantic) Oil & Gas Ltd is an oil and gas exploration and development company
- Eco (Atlantic) Oil & Gas Ltd. was up 7.865 per cent, trading at C$0.48 at 1:33 PM ET
Eco (Atlantic) Oil & Gas (EOG) has successfully completed a US$12.3 million capital raise.
A total of 33,406,531 new common shares in the capital of the company and 33,406,531 warrants to subscribe for common shares have been conditionally placed with, or subscribed for by new and existing institutional investors (including from South African focused investors), at a price of 30p (C$0.48) per placing unit or subscription unit.
Each 30p unit consists of one new common share and one warrant to purchase one new common share at a price of US$0.40625 (33p; C$0.5215) for a period of three years.
The placing shares and subscription shares represent 10.8 per cent of the currently issued share capital of the company.
“We are fortunate to be able to include some of the leading South African focused funds in this financing, thus supporting the regional efforts to become energy independent and to promote the local partners and oil and gas exploration efforts in South Africa,” said Gail Holzman, Co-Founder and CEO of Eco Atlantic.
The net proceeds will be used to finance the cash consideration of US$1.5 million for the company’s acquisition of a further 6.25 per cent participating interest in Block 3B/4B, and the remaining US$10.8 million will be used to reprocess 3D seismic data and commence potential well exploration operations at Block 3B/4B and Guyana Orinduik Block.
Eco (Atlantic) Oil & Gas Ltd. is an oil and gas exploration and development company.
Eco (Atlantic) Oil & Gas Ltd. was up 7.865 per cent, trading at C$0.48 at 1:33 PM ET.
