EnerGulf Resources Inc. has now closed its private placement consisting of a total of 8,000,000 units of the Company at the price of $1.10 per unit to raise proceeds of $8,800,000. Each unit consists of one common share and one common share purchase warrant with each warrant entitling the holder to purchase one additional common share of the Company at a price of $1.35 per share until January 30, 2009.
In connection with the private placement, EnerGulf paid finder's fees in the aggregate amount of $110,139.92 and issued 186,900 Finder's Units to finders, each Finder's Unit having the same terms as the private placement Units.
All of the securities issued in connection with the private placement are subject to a hold period and may not be traded in British Columbia until May 31, 2008 except as permitted by applicable securities legislation and by the TSX Venture Exchange.
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