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NG ENERGY ANNOUNCES FURTHER CLOSING OF FULLY MARKETED PROSPECTUS OFFERING FOR AGGREGATE GROSS PROCEEDS OF $100,000 AND EARLY WARNING REPORT FILED BY MR. SERAFINO IACONO
NG ENERGY ANNOUNCES FURTHER CLOSING OF FULLY MARKETED PROSPECTUS OFFERING FOR AGGREGATE G...
About this update from Ng Energy International Corp
[{"type":"text","content":"\n \n \n \n NG ENERGY ANNOUNCES FURTHER CLOSING OF FULLY MARKETED PROSPECTUS OFFERING FOR AGGREGATE GROSS PROCEEDS OF $100,000 AND EARLY WARNING REPORT FILED BY MR. SERAFINO IACONO\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 \n VANCOUVER, BC\n \n \n ,\n \n \n May 24, 2022\n \n \n /CNW/ - Further to the debenture unit closing previously announced on\n \n May 20, 2022\n \n , NG Energy International Corp. (the \"\n \n Company\n \n \" or \"\n \n NGE\n \n \") (TSXV: GASX) (OTC: GASXF) has today closed on an additional 100 convertible debenture units (the \"\n \n Debenture Units\n \n \") at a price of\n \n $1,000\n \n per Debenture Unit (the \"\n \n Offering Price\n \n \") for total aggregate gross proceeds of\n \n $100,000\n \n , pursuant to the Company's amended and restated final short-form prospectus dated\n \n May 11, 2022\n \n .\n \n \n Each Debenture Unit consists of: (i) one 8% convertible unsecured debenture in the principal amount of\n \n $1,000\n \n maturing on\n \n May 20, 2027\n \n ; and (ii) 400 common share purchase warrants of the Company (each a \"\n \n Warrant\n \n \"), with each Warrant entitling the holder thereof to purchase one common share of the Company (a \"\n \n Common Share\n \n \") at an exercise price equal to\n \n $1.40\n \n for a period of five (5) years ending\n \n May 20, 2027\n \n .\n \n \n \n \n \n Early Warning Report\n \n \n \n \n \n The Company further announces that Mr.\n \n Serafino Iacono\n \n and his related entity subscribed for Debenture Units in the principal amount of\n \n $6,500,000\n \n .  Prior to this transaction, Mr. Iacono had ownership and control over 12,030,039 Common shares, 186,000 share purchase warrants and 855,000 stock options of the Company and, assuming the exercise of the convertible securities, Mr. Iacono beneficially owned and controlled in aggregate 13,071,039 Common Shares representing 10.40% of the outstanding shares, on a partially diluted basis. Assuming the conversion of the entire initial principal amount of the Debenture Units, 5,4...