Taipan Resources Inc: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Taipan Resources Inc Announces Private Placement Financing for Oil & Gas Exploration
Taipan Resources Inc announced that it intends to complete a non-brokered private placement financing for the sale of a minimum of 16,666,667 to a maximum of 25,000,000 units at a price of $0.60 per Unit for gross proceeds of $10,000,000 to $15,000,000. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a Warrant). Each Warrant will entitle the holder thereof to acquire a Common Share at the exercise price of $1.00 per share for a period of up to 60 months following the closing of the Offering. The Offering is being conducted in conjunction with the previously announced acquisition of Lion Petroleum Corp. The Company intends to use the gross proceeds of the Offering to: pay an Extension Minimum Work Commitment Fee in return for a twelve month extension of the exploration period on Block 2B onshore Kenya, finance its exploration program on Block 1 and Block 2B onshore Kenya, and for general working capital purposes. The Common Shares will be subject to statutory resale restrictions for a period of four months and one day following the closing of the Offering, which is expected to occur on or about June 25, 2012.
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