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Strategic Oil and Gas Ltd Closes $30,820,125 Bought Deal Equity Financing


Monday, 7 Oct 2013 09:48am EDT 

Strategic Oil & Gas Ltd announced that it has completed its previously announced bought deal financing. Pursuant to the Offering, the Company has issued 12,650,000 common shares at a price of $0.95 per Common Share and 15,454,545 common shares issued on a 'flow-through' basis pursuant to the Income Tax Act (Canada) at a price of $1.10 per Flow-Through Share, for aggregate gross proceeds of $29,017,500. In addition, the underwriters have exercised the over-allotment option in full purchasing an additional 1,897,500 Common Shares at a price of $0.95 per Common Share for additional gross proceeds of $1,802,625. The net proceeds of approximately $48,400,000 from both the Offering and the recent private placement have been used to pay down debt and then will be used to pay for the Company's increased 2013 drilling program and partially fund the 2014 capital budget. The syndicate of underwriters was co-led by Raymond James Ltd. and Macquarie Capital Markets Ltd. and included Dundee Securities Ltd., FirstEnergy Capital Corp., National Bank Financial Inc., Paradigm Capital Inc. and PI Financial Corp. 

Company Quote

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27 Apr 2015