Mr. David Hughes reports
OPAL ENERGY ANNOUNCES $396,000 PRIVATE PLACEMENT AND CLOSING OF SHARES FOR DEBT SETTLEMENT
Opal Energy Corp. is completing a private placement of 6.6 million units at a price of six cents per unit. Each unit will consist of one common share and one share purchase warrant. Each warrant will be exercisable into one additional share at a price of 12 cents for a period of 12 months from closing. All shares and warrants issued under the offering will be subject to a four-month hold period which will run from the date of issuance. The offering is subject to NEX and shareholder approval. Proceeds of the offering will be used to reduce corporate debt and to finance the company's continuing review of prospective projects in the resource sector.
The company also announces that it has completed its $300,000 shares-for-debt settlement with its primary creditor. The debt settlement resulted in the issuance of six million shares at a price of five cents per share. The debt settlement was assigned to multiple arm's-length parties and did not result in the creation of new insiders or a new control person. The shares issued under the debt settlement are subject to a four-month hold period which expires Dec. 30, 2014. The debt settlement has received final NEX approval.
© 2024 Canjex Publishing Ltd. All rights reserved.