Petroleum Africa
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Thursday, November 7, 2013
EnerGulf Resources Inc. closed a non-brokered private placement of 11,714,553 units of the company at the price of $0.20 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.
Each Unit consists of one common share of the company and one common share purchase 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.
EnerGulf’s 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.”
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