Oregen Energy Plans to Raise up to CA$1.5 Million Via Non-Brokered Private Placement
Oregen Energy (ORNG.CN) plans to raise gross proceeds of up to CA$1.5 million through a non-brokered private placement of up to 25 million units priced at CA$0.06 each, it said Tuesday.Each unit will be made up of a share and one-half of a warrant, said the company. Each whole warrant will become exercisable from the 61st day after issuance, at a price of CA$0.11 for a period of three years from the date of issuance, added the company.The company will use the proceeds to fund general working capital and to fund the licensing of seismic data relating to its Orange Basin assets, it said.The Orange Basin is in Namibia.The company expects the offering to close in one or more closings, with the initial closing expected on or about Oct. 5, subject to obtaining all required approvals, it added.The company's shares were last seen down CA$0.01, or 16.6%, to CA$0.05 on the Canadian Securities Exchange.Price: $0.05, Change: $-0.01, Percent Change: -16.67%
