Ripper increases private placement to $600,000 anyone notice the Rollback ratio decreased from 1 for 12 TO 1 for 8?
2012-04-13 20:18 ET - News Release
Mr. Scott Ackerman reports
RIPPER RESTRUCTURES PRIVATE PLACEMENT
Ripper Oil and Gas Inc. has amended the terms of its private placement, previously announced on April 3, 2012. Subject to regulatory approval, the company will now complete a non-brokered private placement of up to 10 million subscription receipts at a price of six cents per subscription receipt for gross proceeds of up to $600,000. The proceeds of the financing will be held in escrow pending completion of a consolidation of the company's common shares on a for one new for eight old basis, the company obtaining final TSX Venture Exchange approval to this offering and the company obtaining shareholder approval to the change of control contemplated in this offering.
Upon satisfaction of the escrow conditions, each subscription receipt will automatically convert into one unit of the company for no additional consideration. Each unit will consist of one postconsolidated common share and one share purchase warrant, with each share purchase warrant entitling the holder to acquire one additional postconsolidated common share at a price of 10 cents per share for a period of 12 months from the date the warrants are issued. The Emprise Special Opportunities Fund Limited Partnership has agreed to subscribe for a number of subscription receipts that, if converted, will result in the Emprise LP owning a control position in the company. The exact number of subscription receipts being acquired by the Emprise LP has not yet been determined.
The proceeds of the placement, once released from escrow, will be used to settle current indebtedness and for working capital purposes.
We seek Safe Harbor.