EnerGulf Announces Financing to Raise Up to $3.15MM
EnerGulf has announced plans for a non-brokered private placement of up to 9 million units at a price of $0.35 per unit, to raise gross proceeds of up to $3,150,000. Each unit will consist of one common share and one share purchase warrant entitling the holder to purchase one additional common share of EnerGulf for two years at the price of $0.50 during the first year and $0.75 during the second year.
The proceeds will be applied to the upcoming seismic survey and work program on the Lotshi Block project located in the Democratic Republic of Congo, the anticipated work program for Block 1711, including the Kunene #1 well evaluation, and for general working capital.
No "control persons" (as defined in Policy 4.1 of the TSX Venture Exchange) or new insiders are expected to be created as a result of the private placement. All shares issued by the Company will be subject to resale restrictions and may not be resold in Canada for a period of four months from the Closing date. The private placement is subject to acceptance of a filing to be made in respect of same by the TSX Venture Exchange. EnerGulf may pay finders' fees in accordance with the policies of the TSX Venture Exchange with respect to the private placement.
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