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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (2615)	11/6/2013 10:13:01 AM
From: Goose94	Read Replies (1) \| Respond to of 203330

EnerGulf Energy (ENG-V) closes $2.34-million financing. Chairman and CEO, Jeff Greenblum commented, "It speaks to the quality of our assets and the anticipation of major developments in our company, that we are closing this placement, oversubscribed and at a premium to market." Nov 6, 2013 - News Release EnerGulf Resources Inc. has closed a non-brokered private placement of 11,714,553 units of the company at the price of 20 cents per unit to raise gross proceeds of $2,342,910.60. Due to market demand, proceeds raised from the Private Placement represent a 17% increase over the maximum amount previously announced by the Company in its news release dated September 12, 2013. Each Unit consists of one common share of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant is exercisable for a period of two years to purchase one additional Share at a price of $0.35 per Share. If after March 5, 2014 the closing price of the Shares of the Company is $1.00 per Share or higher over a period of 10 consecutive trading days, the Company will be entitled to accelerate the term of the unexercised Warrants upon notice to the holders thereof and the Warrants will then expire on the 30th day after the effective date of the giving of such notice. The net proceeds of the Private Placement will be used for the Lotshi Block (Democratic Republic of Congo) and Block 1711 (offshore Namibia) projects and for general working capital. In connection with the Private Placement, the Company paid an aggregate of $32,521 cash finder's fees and issued 108,403 finders' warrants (the "Finder's Warrants"), on the same terms as the Warrants. All of the securities issued under the Private Placement, and all Shares issuable on the exercise of the Warrants and the Finder's Warrants, are subject to a hold period and may not be traded in Canada until March 6, 2014, except as permitted by applicable Canadian securities laws and the TSX Venture Exchange.