Ecosse Energy announces further private placement
Thursday, June 28 2012 - 05:50 AM WIB
Canadian junior exploration company Ecosse Energy Corp said that it had completed a further private placement of C$750,000 with two arms-length investors.
The Company stated in a press statement on Thursday that it had now raised a cumulative sum of C$1,500,000 since May 2012. This last C$750,000 included C$375,000 of common shares issued at C$0.35 per share and a debenture for C$375,000 having a maximum 2-year term and convertible to common shares at C$0.50 per share.
The Company also announced that it has issued warrants to purchase 5,934,095 common shares at C$0.50 per share for a 2 year term to Lainston Capital Pte Ltd. in connection with a standby purchase agreement and corporate finance consulting services provided during 2012.
Ecosse Energy through its wholly owned subsidiaries owns 100% working interest in the Bengkulu PSC in Sumatra and Manokwari PSC in West Papua. The Bengkulu PSC covers 4,101km2 and consists of both onshore and offshore portions. The Manokwari PSC covers 3902km2. Both blocks are currently in the exploration phase with both PSCs planning to drill onshore wells in 2012.
Editing by Benget Besalicto Tnb.