GREY:SOGFF - Post by User
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arielplson Sep 23, 2014 6:44am
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Post# 22961247
125 millions shares!
125 millions shares!Dilution...
CALGARY, ALBERTA--(Marketwired - Sept. 23, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Strategic Oil & Gas Ltd. (TSX VENTURE:SOG) ("Strategic" or the "Company") has undertaken a non-brokered private placement (the "Private Placement") of up to 125 million common shares at a price of $0.40 per common share for gross proceeds of up to $50.0 million, subject to regulatory approvals. A significant portion of the Private Placement will be acquired by insiders, including Bay Partners Resource Funds, Tom Claugus, other directors and management of the Company.
Net proceeds of the Private Placement will be used to repay indebtedness and fund the Company's ongoing Muskeg horizontal well drilling program. Shares issued will be subject to a hold period expiring four months from the date of issue.