Sky Petroleum announced it is closing the placement of 4,000,000 Class A Units (the Class A Units) at a price of US $0.25 per Unit for total proceeds of $1,000,000 (the Offering).
Each Class A Unit consists of one share of common stock of the Company, par value US $0.001 (a Common Share) and one Class A Warrant (each, a Class A Warrant). Each Class A Warrant is exercisable to acquire one Class B Unit of the Company (a Class B Unit), at an exercise price of US $0.35 per Class B Unit for a period of one (1) year. Each Class B Unit consists of one share of Common Share of the Corporation, par value US $0.001 and one Class B Warrant (each, a Class B Warrant). Each Class B Warrant is exercisable to acquire one Common Share of the Corporation, par value US $0.001 at an exercise price of US $0.60 for a period of two (2) years. The Company granted the investors registration rights in connection with the Offering. The general terms of the Offering were previously announced on October 12, 2011.
The securities offered by Sky Petroleum have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold absent applicable exemptions from such registration requirements. The Class A Units were offered and sold outside the United States to non-U.S. persons in reliance upon exemptions from the registration requirements of the Securities Act. This press release does not constitute an offer to sell or solicitation to buy securities.
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