Each unit comprises one common share and one half of one common share purchase warrant where each warrant entitles the holder to acquire one common share at a price of $1.20 per share at any time until December 1, 2006. Each of the shares and warrants comprising the Units are subject to a four month hold period.
Ausam paid aggregate commissions of $297,389 or 3.7% of the total amount raised and also issued agent options to acquire 276,888 common shares at an exercise price of $1.20 per share at any time until December 1, 2006.
The funds will be used to finance the Company's oil and gas development and exploration program in Queensland, Australia.
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