Eco Atlantic successfully closes non-brokered private placement
January 09 2012 - 7:00AM
PR Newswire (Canada)
TORONTO, Jan. 9, 2012 /CNW/ - Eco (Atlantic) Oil & Gas Ltd.
("Eco Atlantic" or the "Company") is pleased to report that it has
closed its previously announced non-brokered private placement (the
"Offering") by issuing 9,874,682 units at a price of $0.60 per unit
for a total dollar amount of approximately CDN$5,925,000. Each unit
consists of one common share and one half of a common share
purchase warrant, with each full warrant exercisable at $1.00 for
18 months. The Company paid aggregate cash commissions of $212,550
and issued a total of 353,415 warrants as finders' fees in
connection with the Offering. Each finder's fee warrant entitles
the holder to purchase one common share at CAD$1.00 exercisable for
24 months. The common shares and common share purchase warrants
issued at closing are, and the common shares issued upon exercise
of the common share purchase warrants will be, subject to resale
restrictions pursuant to applicable securities laws requirements
and notably to a hold period of four months plus one day from the
closing date, expiring on May 7, 2012. The Offering remains subject
to final acceptance by the TSX Venture Exchange. As announced on
December 22, 2011, Azimuth Ltd. ("Azimuth"), an exploration and
production company jointly owned by Seacrest Capital Ltd. and
Petroleum Geo-Services ASA ("PGS") has subscribed for CDN$3 million
as part of the Offering and will also acquire a 20 percent working
interest in each of Eco Atlantic's offshore Namibia licenses, in
return for financing 40 percent of the cost of 3-D seismic surveys.
About Eco Atlantic Eco Atlantic is an oil and gas exploration
company focused on the new and bourgeoning energy play in Namibia.
Through its wholly owned Namibian subsidiary, it holds five
petroleum licenses issued by the Government of the Republic of
Namibia. Offshore, Eco Namibia holds three license blocks covering
more than 25,000 square kilometers (6,177,000 acres). Onshore, Eco
Namibia holds two license blocks covering 30,000 square
kilometers (7,413,000 acres). Eco Namibia, founded in 2008,
enjoys a strong local presence, and has a longstanding relationship
with the energy and oil and gas sector in Namibia and the region.
The terms and conditions of these licenses are regulated by
agreements signed by Eco with the Government of the Republic of
Namibia in March 2011. Forward Looking Statements CAUTIONARY NOTE
REGARDING FORWARD LOOKING STATEMENTS: Certain information in this
press release constitutes forward-looking statements under
applicable securities law. Any statements that are contained in
this press release that are not statements of historical fact may
be deemed to be forward-looking statements. Forward-looking
statements are often identified by terms such as "may", "should",
"anticipate", "expects" and similar expressions.
Forward-looking statements necessarily involve known and unknown
risks, including, without limitation, risks associated with oil and
gas production and exploration, marketing and transportation; loss
of markets; volatility of commodity prices; currency and interest
rate fluctuations; imprecision of reserve estimates; environmental
risks; competition; inability to access sufficient capital from
internal and external sources; changes in legislation, including
but not limited to income tax, environmental laws and regulatory
matters. Readers are cautioned that the foregoing list of factors
is not exhaustive. Although Eco Atlantic believes in light of the
experience of its officers and directors, current conditions and
expected future developments and other factors that have been
considered appropriate that the expectations reflected in this
forward-looking information are reasonable, undue reliance should
not be placed on them because Eco Atlantic can give no assurance
that they will prove to be correct. The forward-looking statements
contained in this press release are made as of the date hereof and
Eco Atlantic undertakes no obligation to update publicly or revise
any forward- looking statements or information, whether as a result
of new information, future events or otherwise, unless so required
by applicable securities laws. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release. Eco Oil & Gas
(Atlantic) Ltd. CONTACT: Gil Holzman Julia MaxwellPresident and
Chief Executive Officer Manager, Investor
Relationsgil@ecooilandgas.com jmaxwell@ecooilandgas.comTel:
972.508884529 Tel: 416.361.2211
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