Business
Keros Capital Report: 1st NRG Corp Receives $5 million In Funding
Keros Capital Report: 1st NRG Corp Receives $5 million In Funding.
About this update from 1st Nrg Corp
[{"type":"text","content":"Ferndale, WA November 03, 2008 -- 1st NRG Corp (OTC-BB: FNRC) announced last week that it has closed a private placement in the amount of $5 million dollars. The private placement was completed with a group of five (5) institutional, accredited investors. The private placement consisted of 500 units priced at $10,000 per unit for an aggregate of five million dollars invested into the Company. Each unit consisted of 12,998 shares of the Company's common stock, and 21,682 warrants exercisable at $1.24 per share. The warrants expire thirty months from the date of the issuance. Fully exercised, the warrants would result in an additional $13,442,840 being invested into the company. A portion of these funds have been set aside for drilling on the Guatemala project. The company believes this funding will provide all of the necessary capital to drill the 2 wells which are committed to. The Guatemala project is a proven structure with existing wells. The LOI signed between 1st NRG and TrueStar Petroleum Corporation with regard to the Guatemala project, calls for 1st NRG to invest $650,000 for licensing and changeover and to invest up to $12 million for the drilling and completion of two wells in the development area. About 1st NRG1st NRG, Corp. is a development stage oil and gas company focused on acquiring, developing and operating petroleum based facilities in the Western Hemisphere. The management of 1st NRG Corp. intends to focus on acquiring, developing and operating oil and natural gas properties. This will allow the company and its shareholders to take advantage of management's extensive experience in the industry. Additional Information on 1st NRG can be found at www.1stnrg.com To receive immediate notification of all companies Keros Capital covers, enter your email at http://www.keroscapital.com/render/?page=joinus 1st NRG operates in the Oil Energy sector. Record crude prices this past summer translated into huge profits for top oil energy companies, but some energy companies are bracing for tougher times questioning energy demand and slowing global economic concerns. Oil stocks did well at the close of trading yesterday: Chevron (NYSE: CVX) up 4.5% on 22M shares, ConocoPhillips (NYSE: COP) down 1% on 4.9M shares, Exxon Mobil (NYSE: XOM) down under 1% on 16.3M shares,...