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NG Energy Announces $7 Million Fully Subscribed Financing to Accelerate Development of SINU-9 and Maria Conchita
NG Energy Announces $7 Million Fully Subscribed Financing to Accelerate Development of SI...
About this update from Ng Energy International Corp
[{"type":"text","content":"\n \n \n \n NG Energy Announces $7 Million Fully Subscribed Financing to Accelerate Development of SINU-9 and Maria Conchita\n \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 Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Oct. 7, 2021\n \n /CNW/ -\n \n NG Energy International Corp.\n \n (\"\n \n NGE\n \n \" or the \"\n \n Company\n \n \") (TSXV: GASX) (OTCQX: GASXF) announces that the Company is undertaking a non-brokered private placement for 7,000,000 units (each, a \"\n \n Unit\n \n \"), at a price of\n \n C$1.00\n \n per Unit, for gross proceeds of\n \n C$7,000,000\n \n . Each Unit consists of one common share and one share purchase warrant (each, a \"\n \n Warrant\n \n \"), with each Warrant entitling the holder to purchase one additional share at a price of\n \n C$1.20\n \n for a period of twenty-four (24) months from the date of issuance. The Warrants are subject to accelerated expiry in the event the closing price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds\n \n $2.00\n \n for twenty consecutive trading days. The financing has been fully subscribed with significant existing shareholder participation and is subject to TSXV Exchange approval.\n \n \n Proceeds of the financing will be used to fast track the Company's exploration timeline at SINU-9 by funding upfront infrastructure buildout of roads and pads, in addition to\n \n US$27.7 million\n \n in financing already committed by CPVEN for the drilling and completion of the first four wells. Proceeds will also be used to install a dewatering system at\n \n Istanbul\n \n -1 allowing the well to be put into production. Activity to complete\n \n Istanbul\n \n -1 will take place in tandem with the completion of the production facilities and 14km pipeline connecting the Maria Conchita field to national infrastructure expected in Q4 2021.\n \n \n \n Serafino Iacono\n \n , CEO of NGE commented \"The Company has an opportunity to benefit from a dramatic increase in natural gas prices driven by a global supply crunch and a deficit of domestic production in\n ...