LFD Increases FinancingLongford Energy increases private placement
2010-04-01 07:45 ET - News Release
Mr. Ahmed Said reports
LONGFORD ENERGY INCREASES SIZE OF FINANCING IN RESPONSE T HIGH INVESTOR DEMAND
Due to investor demand Longford Energy Inc. has increased the size of its non-brokered private placement for additional gross proceeds of $1-million based on the issuance of 3,333,333 units of the company at a price of 30 cents per unit. Each unit will consist of one common share and one-half of one share purchase warrant, with each share purchase warrant entitling the holder thereof to acquire one Longford common share at a price of 65 cents for a period of 18 months following closing.
The company intends to use the net proceeds from the financing to further the exploration and development of the Chia Surkh block in the Kurdistan region of Iraq and for general corporate purposes.
If the closing price of the common shares of the company on the TSX Venture Exchange is greater than $1.00 for 20 or more consecutive trading days, the company may give notice to the holders of the share purchase warrants that the expiry date for exercise of the share purchase warrants has been accelerated and the share purchase warrants will expire on the 20th calendar day following the date such notice is mailed.