New Sage Energy Corp (NSG.V), a Canadian oil and gas exploration and development company with a focus on opportunities in Latin America, has announced that it intends to complete a private placement offering of up to 12,000,000 units of the corporation at $0.05 per unit for gross proceeds of up to $600,000. Each unit will consist of one common share in the capital of the corporation and one share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of $0.10 per share for a period of two years from the date of closing.
New Sage will use the net proceeds from the offering for exploration on new projects, acquisitions and development, general working capital and the payment of expenses related to the offering, the company said in a statement.
More than one million shares have changed hands so far. New Sage touched a low of 2.5 cents on Oct 13.
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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.
