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Eco (Atlantic) Oil and Gas Ltd. Announces Successful Placing and Subscription
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, I...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd. Announces Successful Placing and SubscriptionNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) (\"MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.TORONTO, ON / ACCESSWIRE / April 4, 2019 / Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), is pleased to announce that it has conditionally raised, in aggregate, US$17 million (£12.9 million, CAD22.6 million) before expenses through an oversubscribed placing and subscription of, in aggregate, 16,159,695 new common shares (the \"Common Shares\") of no par value in the capital of the Company (together, the \"Issue Shares\") at a price of 80 pence per Common Share (the \"Issue Price\") (the \"Fundraising\").Highlights:• The Company has raised approximately gross US$17 million (£12.9 million, CAD22.6 million) by way of an oversubscribed placing and subscription• Funds raised will be used to fund Eco's share of up to four potential new exploration or development wells, in addition to the committed Jethro and Joe wells scheduled to drill in 2019, as well as for general corporate purposes• Continued support from Africa Oil Corp, a substantial shareholder in the Company Gil Holzman, President and CEO ofEco, commented:\"Weare delighted with the level of support from new and existing institutionalshareholders for the Fundraising which was oversubscribed. We thank existingshareholders and welcome new shareholders to the Company. The level ofdemand is a reflection of the quality of Eco's acreage and the potentiallytransformational drilling programme ahead of us starting in 2 months. We arenow very strongly funded for a potential development drilling scenario andadditional exploration wells on the Orinduik block.\"Formore information, please visit www.ecooilandgas.com orcontact the following: Eco Atlantic Oil and Gas +1 (416) 250 1955 Gil Holzman, CEO Colin Kinley, COO Alan Friedman, V...