Gen III Oil Completes Private Placement Of Units For US$5.2 Million

Published: Jul 26 2017
Deal Summary

Gen III Oil Corp., a refining company, completed the private placement of 9,337,072 units, at a price of C$0.7 (US$0.56) per unit, for gross proceeds of C$6.53 million (MM) (US$5.22 MM). In addition, the company granted the agent an option to purchase 1,072,500 units. All securities issued pursuant to the placement are subject to a four-month hold period subject to Canadian securities laws.

Each unit consists of one common share and one half of a common share purchase warrant. Each whole warrant entitles 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.

On July 26, 2017, Gen III Oil agreed to issue 7.15 MM units in a private placement, for gross proceeds of C$5 MM (US$4 MM). On September 27, 2017, Gen III Oil completed the first tranche of private placement for 9,051,357 units, and on October 4, 2017, the company completed the second and final tranche for 285,715 units.

Canaccord Genuity Corp. acted 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.

Deal history

Completed: On October 4, 2017, Gen III Oil completed the second and final tranche of 285,715 units, at a price of C$0.7 (US$0.56) per unit, for gross proceeds of C$0.2 MM (US$ MM).

Update 2: On September 27, 2017, Gen III Oil completed the first tranche of private placement of 9,051,357 units, at a price of C$0.7 (US$0.56) per unit, for gross proceeds of C$6.33 MM (US$5.12 MM).

Update 1: On September 26, 2017, the placement was upsized from C$5 MM (US$4 MM) to C$6.54 MM (US$5.22 MM).

Announced: On July 26, 2017, Gen III Oil agreed to issue 7.15 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.

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