Dec 13, 2010 08:19 ET
Strategic Oil & Gas Ltd. Announces $5 Million Bought Deal Flow Through Share Financing and Provides Update on Operations
CALGARY, ALBERTA--(Marketwire - Dec. 13, 2010) -
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Strategic Oil & Gas Ltd. (TSX VENTURE:SOG) ("Strategic" or the "Company") provides an update on financing and operations.
Financing
Strategic announces that it has entered into a financing agreement with Macquarie Capital Markets Canada Ltd., to issue and sell on a "bought-deal" basis, 4,500,000 Common Shares to be issued on a flow-through basis (the "Flow-Through Common Shares") at a price of $1.10 per Flow-Through Common Share, for expected gross proceeds of $4,950,000.
The Flow-Through Common Share proceeds will be used to incur eligible Canadian exploration expenditures that will be renounced to subscribers effective on or before December 31, 2010. Flow-Through Common Shares will be offered in certain provinces of Canada to accredited investors.
Closing is expected to occur on or about December 23, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
Operations update
Strategic has recently entered into a farm-in arrangement ("the Farm-in") with an intermediate oil and gas company. The terms of the Farm-in provide for Strategic to drill a minimum of two wells in an oil bearing region of northern Alberta. The first of the two wells was recently spud, with the second location to be drilled before mid-January of 2011. It is anticipated that these wells will qualify as Canadian exploration expenditures.
Keg Riveriäkö vain? Ehkä Slave Pointia? Ehkä Muskwata?(olenko taivutellut sanaa korrektisti)
Ken lienee tämä "intermediate oil and gas company"?
En odottanut uutta rahankeruuta, mutta en kyllä farm-iniäkään. Koska tässä on kyse flow-throughsta niin tässä vaihdetaan nuo porauskulut rahaksi.
Neutraali tai positiivinen uutinen mielestäin, koska tuolla pohjoisessa on meneillä monenlaista kiintoisaa.
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