Finance & Investing | Capital Markets
Strategic Oil & Gas Upsizes $94.8 Million Private Placement
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Strategic Oil & Gas Ltd. reported the upsizing and closing of the private placement financing of 94,851 secured Convertible Notes at a price of $1,000 per Note, for aggregate gross proceeds of $94,851,000.
Insiders, including officers, employees and directors of the Company, subscribed for a significant portion of the Offering. The Company also received support from existing and new institutional investors.
The proceeds from the Offering are being used to repay the Corporation's existing credit facilities, the bridge loan from its major shareholder and provide funding for the winter capital program. The Company has approximately $25 million of cash which will fund ongoing working capital and for general corporate purposes.
RBC Capital Markets acted as sole agent for the Offering and continues to act as financial advisor to the Company. Cormark Securities Inc. and Dundee Capital Markets Ltd. acted as strategic advisors to the Company on this transaction.
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