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LGX Oil + Gas Inc. Announces Closing of Bought Deal Financing; Shares Down 3.7% to a New Yr Low

LGX Oil + Gas Inc. (OIL.V) has closed its previously announced bought deal financing. LGX issued a total of 49.5 million Subscription Receipts at a price of $0.86 each and 4.81 million common shares issued on a flow-through basis at a price of $1.04 each, for gross proceeds of $47,572,400.

The net proceeds will be used to fund the acquisition of assets in the Manyberries area of Alberta and for general corporate purposes.

LGX is currently trading at 78 cents, a new yr low. More than 116,000 shares have been traded so far.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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