EnerGulf to raise up to $1.05-million privately
2005-05-26 15:30 ET - News Release
Mr. James Askew reports
ENERGULF ANNOUNCES PRIVATE PLACEMENT
EnerGulf Resources Inc. has arranged a private placement of up to 1.5 million units at 70 cents per unit to raise proceeds of up to $1.05-million, subject to acceptance by the TSX Venture Exchange. Each unit will consist of one common share and one warrant entitling the holder to purchase one additional common share at a price of $1.10 per share for a period of one year. A finder's fee will be payable on all or a portion of the private placement in accordance with the policies of the TSX Venture Exchange.
Concurrent with the private placement, EnerGulf will cancel two million of its currently issued and outstanding common shares held by it in the name of its wholly owned subsidiary, Energulf Colombiana de Petroleos Ltd., and will return those shares to treasury.
Commenting on the proposed financing and the share cancellation, EnerGulf chairman Jeff Greenblum said: " The cancellation of two million issued and outstanding shares coupled with this financing of 1.5 million units further demonstrates our commitment to effective and prudent capital structure management. These moves optimally position our capital structure for future transactions and provide us with maximum flexibility to continue the rapid development of our business plan with minimal dilutive effects to our shareholders."
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