Gen III Oil Announces Private Placement Of Units For US$4 Million

Published: Jul 26 2017
Deal Summary

Gen III Oil Corp., an oil processing company, agreed to issue 7.15 million (MM) units, at a price of C$0.7 (US$0.56) per unit, for gross proceeds of C$5 MM (US$4 MM), in a private placement. In addition, the company granted the agent an option to purchase 1,072,500 units. All securities issued pursuant to the placement will be subject to a four-month hold period subject to Canadian securities laws.

Each unit will consist of one common share and one common share half purchase warrant. Each whole warrant will entitle the holder to acquire one common share at an exercise price of C$1 (US$0.79) per share for a period of 24 months from the closing date of the placement.

Canaccord Genuity Corp. is acting as placement agent to the company for the placement. The company intends to use the proceeds from the placement for continued engineering and project development activities on the Bowden project, working capital, and general corporate purposes.

The placement is expected to be completed by August 18, 2017, subject to receipt of regulatory approvals, as well as approval from the TSX Venture Exchange.

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