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2010-11-26 21:11 ET - News Release
Mr. Clive Brookes reports
ENERGULF CLOSES PRIVATE PLACEMENT TO RAISE $3,224,200
EnerGulf Resources Inc. has closed a private placement consisting of 8,060,500 units of the company at the price of 40 cents per unit to raise gross proceeds of $3,224,200. Each unit consists of one common share and one common share purchase warrant with each warrant exercisable for a period of two years to purchase one additional common share of the company at a price of 65 cents per share. If, after March 25, 2011, the closing price of the common shares of the company on the exchange is $1 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.
In connection with the private placement, the company paid finders' fees in the amount of $25,376 in cash, the issuance of 274,250 common shares of the company and the issuance of 337,690 finders' warrants, each finder's warrant having the same terms as the warrants issued to the placees.
All of the securities issued as part of the private placement and all common shares issuable on the exercise of the warrants and the finders' warrants are subject to a hold period and may not be traded in Canada until March 26, 2011, except as permitted by applicable Canadian securities laws and the TSX Venture Exchange.
EnerGulf has approved the grant of incentive stock options under its stock option plan to directors, officers, consultants and employees for the purchase of a total of 415,000 common shares in its capital exercisable on or before Nov. 25, 2015, at a price of 56 cents per common share and a total of 1,535,000 common shares in its capital exercisable on or before Nov. 25, 2015, at a price of 69 cents per common share. |
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