Enterprise Concludes Acquisition of Chimney Sweep O&G

Enterprise Energy Resources' wholly owned subsidiary, EERL Energy Limited Partnership ("EERL"), has completed its previously announced acquisition of a 50% interest in Chimney Sweep Oil and Gas (US) L.L.L.P. ("Chimney Sweep").

Concurrent with the closing of the acquisition, the Company completed its previously announced non-brokered private placement of 16,666,666 units of the Company (the "Units") at a price of $0.30 per Unit for gross proceeds of $5,000,000. The Units are subject to a four month hold period expiring June 26, 2011.

Each Unit consists of one common share and one-half of one common share purchase warrant (each whole such warrant, a "Warrant"). Each Warrant will entitle the holder to purchase an additional common share for a period of 24 months from the closing date.

In accordance with the policies of the TSX Venture Exchange, the exercise price for the Warrants has been increased to $0.50 per Warrant.

The proceeds of the private placement will be used to fund the investment by EERL in Chimney Sweep.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Coordinator
Expertise: Project Management
Location: Los Angeles, 
Business Development Specialist
Expertise: Business Development|Sales
Location: Midland, TX
Account Manager
Expertise: Business Development|Sales
Location: Houston, TX
search for more jobs

Brent Crude Oil : $55.14/BBL 0.61%
Light Crude Oil : $49.48/BBL 0.86%
Natural Gas : $3.12/MMBtu 0.95%
Updated in last 24 hours