Nordic said that Class A common shares will be issued as "flow-through shares" within the meaning of Canada's Income Tax Act. The company will offer up to 5 million flow-through shares at a price of $0.40 per share for gross proceeds of up to $2 million. In addition, it will offer up to 5,714,286 units of the corporation at a price of $0.35 per unit for gross proceeds of up to $2 million.
Each unit comprises one Class A common share and one-half of one Class A common share purchase warrant. Each whole warrant entitles the holder to purchase one Class A common share at a price of $0.50 for a period of 18 months from the issue date.
Aside from the amendments described in the two preceding paragraphs, all other terms of the original offer remain the same.
Nordic expects the initial closing of the private placement to take place next week. All terms of the offering are subject to the approval of the TSX Venture Exchange.
Nordic Oil and Gas is a junior oil and gas exploration company listed on the TSX Venture Exchange. It trades under the symbol NOG.
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