Deep Well Secures $10MM Private Placement
Deep Well successfully closed an equity investment as of August 14, 2008 for U.S. $5 million for 10,638,297 units at a price of U.S. $0.47 per unit. Included in the subscription are 10,638,297 common shares, purchase warrants for 10,638,297 common shares at a price of U.S. $0.71 per share and a fractional warrant for an aggregate of 2,000,000 common shares at a price of U.S. $0.95 per share. The warrants are exercisable for a period of three years.
Deep Well expects to close a further U.S. $5 million, with the same subscriber, closing on October 31, 2008 at a unit price equal to the lower of U.S. $0.75 per share or the volume weighted average trading price of the common shares as quoted on the Pink Sheets, for the 30 day period commencing on October 1, 2008 and including October 30, 2008, less 10%. The subscription is subject to a minimum price of U.S. $0.40 per share. The subscription includes one warrant per share issued at a price of 1.5 times the unit price and one additional fractional warrant at a price of 2 times the unit price exercisable for a period of three years from the closing date.
The majority of the funds are planned to be used to drill six additional wells, with an optional 7th well. The drilling is expected to commence on or about November 1, 2008, weather permitting.
- Deep Well Welcomes New Members to Board (Mar 09)
- Deep Well Appoints Donald Wayne to Board of Directors (Sep 22)
- Deep Well Converts 5 Oil Sands Permits to Leases, Mulls Devt Options (May 12)