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Lochaird Energy Inc. Announces Private Placement Offering
Lochaird Energy Inc. Announces Private Placement Offering
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"Lochaird Energy Inc. Announces Private Placement Offering\n\n\n\nLochaird Energy Inc. Announces Private Placement Offering\n\nCalgary, Alberta CANADA, February 19, 2009 /FSC/ - Lochaird Energy Inc. (LEN - TSX Venture), has entered into an agreement with Griffiths Energy and Resources Inc. (\"Griffiths\"), whereby Griffiths together with Euroglobal Capital Partners Inc. (\"Euroglobal\" and together with Griffiths, the \"Agents\") are offering to raise, on a best efforts basis, up to $2,500,000 (the \"Offering\").\n\nThe Offering will consist of the issuance of up to 23,000,000 flow-through units (the \"FT Units\") of the Corporation at a price of $0.10 per FT Unit. Each FT Unit will consist of one common share of the Corporation (a \"Common Share\") issued on a \"flow-through\" basis and one-half of one Common Share purchase warrant (the \"FT Warrant\"). Each whole FT Warrant will entitle the holder to purchase one Common Share on a non-flow-through basis at an exercise price of $0.15 for a period of eighteen months from issuance, subject to adjustments in certain circumstances. The balance of the Offering will consist of the issuance of up to 2,000,000 units (the \"Equity Units\") of the Corporation at a price of $0.10 per Equity Unit. Each Equity Unit will consist of one Common Share of the Corporation and one-half of one Common Share purchase warrant (the \"Equity Warrant\"). Each whole Equity Warrant will entitle the holder to purchase a Common Share on a non-flow-through basis at an exercise price of $0.10 for a period of eighteen months from issuance, subject to adjustments in certain circumstances.\n\nThe Corporation has agreed to pay to the Agents a cash commission equal to 8% of the gross proceeds raised under the Offering. In addition, the Corporation will grant to the Agents a non-transferable option (the \"Agents' FT Option\") entitling the Agents to purchase such number of units (the \"Agents' FT Units\") as is equal to 10% of the aggregate number of FT Units sold under the Offering. Each Agents' FT Unit shall be comprised of one flow-through Common Share and one-half of one FT Warrant. Lochaird will also grant the Agents a non-transferable option (the \"Agents' Equity Option\") entitling the Agents to purchase such number of unit...