Business
Company Closes Remainder of Private Placement
Company Closes Remainder of Private Placement.
About this update from Xxl Energy Corp.
[{"type":"text","content":"\n\n\n\n\n(TSXV Symbol: EXX)\n\nVANCOUVER, May 5 /CNW Telbec/ - The Company has now closed on the\nremaining 1,000,000 units, at $3.00 per unit, of the 5,000,000 unit private\nplacement referred to in the Company's news release of April 25, 2006. Each\nunit comprises one common share and one share purchase warrant. Four warrants\nare required to purchase one additional common share at a price of $3.75,\nduring the exercise period and upon the other terms and conditions as\noriginally announced. The warrants contain a \"forced exercise\" provision that\nprovides that if at any time after September 5, 2006, the shares of the\nCompany close at a price of at least $6.00 for ten consecutive trading days\nthen, subject to the Company providing notice of the event, the warrants will\nbe exercisable only for a period of 15 business days following the tenth such\ntrading day.\nThe Company has paid $187,500 in cash and issued additional share\npurchase warrants to a member firm of the TSX Venture Exchange that acted as\nfinder in connection with the transaction. The warrants entitle the finder to\npurchase 30,000 common shares of the Company at a price of $3.00 per share\nduring the same exercise period and upon the same terms and conditions as the\nwarrants comprised in the private placement units.\nThe common shares and warrants referred to in the foregoing, and any\nshares issued pursuant to the exercise of the share purchase warrants, are\nsubject to a four month hold period under applicable securities laws, and\nimposed by the TSX Venture Exchange, expiring September 5, 2006.\n\nFor further information concerning this announcement, please contact Neil\nMurray-Lyon or Christine Stewart of Renmark Financial Communications Inc. at\n(514) 939-3989.\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this release.\n\n\n","length":1938,"tagName":"div"}]