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CruzSur Closes $1,800,000 Private Placement
CruzSur Closes $1,800,000 Private Placement Canada NewsWire VANCOUVER, May 27, 2...
About this update from Ng Energy International Corp
[{"type":"text","content":"\n\n\n\nCruzSur Closes $1,800,000 Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 27, 2020\n\n\n\nVANCOUVER, May 27, 2020 /CNW/ - CruzSur Energy Corp. (the \"Company\" or \"CruzSur\") (TSXV: CZR) is pleased to announce that it has completed a non-brokered private placement of 10,000,000 units (each, a \"Unit\"), at a price of C$0.18 per Unit, for gross proceeds of C$1,800,000. Each Unit consists of one common share and one share purchase warrant (each, a \"Warrant\"), with each Warrant entitling the holder to purchase one additional share at a price of C$0.23 until May 27, 2022. \nAll securities issued in connection with the private placement are subject to a four month and one day statutory hold period expiring on September 28, 2020.\nThe net proceeds of C$1,800,000 raised through the Private Placement will be used for general working capital purposes.\nThe Company further announces that Mr. Frank Giustra acquired ownership of 1,000,000 Units of the Company pursuant to the private placement.  Prior to the acquisition of securities, Mr. Giustra owned, directly or indirectly, and/or controlled an aggregate of 3,366,452 common shares, representing 10.32% of the outstanding shares, and would have owned 19,323,661 common shares assuming the exercise of convertible securities, representing 39.78% of the outstanding shares on a partially diluted basis.  Mr. Giustra directly and indirectly now owns and/or controls in aggregate 4,366,452 common shares representing 10.24% of the issued and outstanding common shares of the Company and would own 21,323,661 common shares, representing 35.79% of the issued and outstanding common shares of the Issuer on a partially diluted basis assuming the exercise of pre-existing warrants and options, conversion of the debenture and exercise of the warrants acquired on conversion of the debenture.\nMr. Giustra may in the future acquire or dispose of securities of the Issuer, through the market, privately or otherwise, as circumstances or market conditions warrant. A copy of the Earl...