Strategic Oil & Gas closes private placements
On March 31, 2014, Strategic Oil & Gas Ltd. (Strategic) reported that it completed the second closing of its previously announced private placements. Pursuant to the agreements, signed March 12, 2014, Strategic issued a total of 100,000,000 common shares at a price of C$0.50 per common share, for aggregate gross proceeds of C$50 million.
Under the first private placement, which closed March 24, 2014, Strategic issued 82,582,800 common shares at a price of $0.50 per common share, for aggregate gross proceeds of C$41,291,400. The remaining 17,417,200 common shares were also sold at a price of $0.50 per common share, for aggregate gross proceeds of C$8,708,600.
Macquarie Capital Markets Canada Ltd. and Dundee Securities Ltd. co-led the syndicate of agents, which included Raymond James Ltd., National Bank Financial Inc., CIBC World Markets Inc., Paradigm Capital Inc., GMP Securities L.P., Primary Capital Inc. and PI Financial Corp.
The net proceeds from the private placements will initially be used to reduce bank indebtedness incurred in successful execution the Strategic's winter capital program and for general corporate purposes.
Strategic is a junior oil and gas company committed to growth by exploiting its light oil assets in Canada.
Further information can be found on Strategic's website.