Petroleum Africa
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Monday, September 16, 2013
EnerGulf Resources issued a non-brokered private placement of up to 10 million units at a price of $0.20 per unit for gross proceeds to the company of up to $2 million. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share for a period of 24 months from the date of issuance at a price of $0.35 per share.
The warrants will be subject to acceleration in the event the trading price of the shares of the company closes at or above $1.00 per share for 10 consecutive trading days at any time after four months from closing of the private placement.
EnerGulf will use the net proceeds to fund its Lotshi Block in the DRC and Block 1711 offshore Namibia, as well as for general working capital.
The company may pay finders’ fees in accordance with the policies of the TSX Venture Exchange with respect to all or a portion of the private placement. Certain insiders of the company will be participating in the offering.
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