Petroleum Africa
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Thursday, September 23, 2010
Vanoil Energy Ltd. reported that it will conduct a non-brokered private placement of up to 7,000,000 common shares at a price of $0.50 per common share for aggregate gross proceeds of up to $3,500,000.
The securities issued pursuant to the private placement will be subject to a four month hold period from the closing date. The Company may pay finder's fees in connection with the private placement, subject to compliance with the policies of the Exchange. Completion of the private placement and the payment of any finder's fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the Exchange.
The proceeds of the private placement will be used for the continued exploration and development of its seismic program in Kenya, as well as for general working capital purposes.
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