Financing Announcement
Im glad there is no warrant and its at the market price. Thanks to goldfather for sleuthing out the framework of the Placement in one of his comments, i was hopeful that you were correct with pricing and NO warrant. Thankfully they are both true.
I think we will have a nice bottom here and hope for a speedy run up to above 2 on the oil spud.
Drilling should be starting mid June, and will be at depth approximately 12 days to 2 weeks later.
When they Log the hole we will know if there is oil and what the reservoir “looks” like ( permiability/porosity)
If the logs look good they will flow test the well.
could be another 5 days to set up (casing and perfing)
the well will be flow tested and measured for oil, gas and water cut… if the flow test goes well we will have a discovery and we can tie into the existing pipelines at the property boundary!
Oromin Explorations Ltd. (TSX: OLE)(OTCBB: OLEPF) announced today that it has entered into an agreement pursuant to which a group of agents has agreed to complete a best efforts private placement of common shares at a price of $0.70 per share to raise up to C$15,000,000. The agents have been provided with an option to increase the size of the placement by an additional $5,000,000, which option must be exercised at least 48 hours prior to the closing of the placement.
The closing of the placement of the common shares is expected to occur on or about June 16, 2009 and is subject to receipt of all necessary regulatory approvals, including that of the Toronto Stock Exchange.
Proceeds of the placement will be used for Oromin’s Sabodala gold project in Senegal and its Santa Rosa Dome oil and gas project in Argentina as well as for general working capital.
The Company has agreed to pay the agents a commission of 7% of the gross proceeds of the Placement.
On behalf of the Board of Directors of OROMIN EXPLORATIONS LTD.
Chet Idziszek, President
Contacts:
Oromin Explorations Ltd.
David Scott
Investor Relations
(604) 331-8772
Chet and gang should have approached these guys China & Russia for money??This was taken from a World News Site…THE PART BETWEEN ** IS REALLY INTERESTING??Just a matter of time??He added, however, that the creation of new reserve currencies should help distribute global wealth more fairly and also encourage economic leaders to pursue a more balanced economic policy.
*****The talk about global reserve currencies has been prompted by concerns in China and Russia that soaring U.S. budget deficits could spur inflation and weaken the dollar, debasing the value of their holdings.*****
“Those who issue reserve currencies today don’t always take the interests of the global economy into account,” Dvorkovich said
Officials from Russia, China and Brazil have said in recent weeks that they would invest in bonds issued by the International Monetary Fund to diversify their dollar-heavy currency reserves.
China**I would have never thought they would be that dumb??**is Washington’s biggest foreign creditor, holding an estimated $1 trillion in U.S. government debt. But the Treasury Department this week said foreigners — including China and Japan, the two biggest buyers of U.S. government debt — had trimmed their Treasury holdings in April….*Possibly more to COME???*
is the PP suppossed to close today or was it pushed back until a later date?
thanks in advance.
have not heard .. i will call tomorrow ..
I hear there may be some NEWS coming out about the stock pertaining to the PP.Caliche said it’s nearly done,,,, but,,,,, hearing that there just may be some good news about that whole PP. Dont know what it is going to be,,,, but just hearing that it’s gonna be good. thats all.
The SR deal ” no news” is killing me. Keeping a lid on any info till the PP is done? Maybe,,, but thats a dirty trick,,, I think.
Also, maybe the Po Valley Dry Well is good for us. Only that they cant miss everything they drill, and percentages as they are,,,, might work for us at SR. One miss and one Hit….. she loves me ,,, she loves me not,,,,, loves me…
doesnt any one here have any useful news. Seems no one here any more…. vacation? poor caliche. he worked hard on this. GD company…. keeping us in the dark all the time. Getting tired of it…. If SR hits, ya think anyone sticks around Ole? I dont. Ole will be a ghost town…. and no one will care if they put out a PR or any news at all.
Investment Industry Regulatory Organization of Canada – Trading Halt – Oromin Explorations Ltd. – OLE
6/19/2009 1:18 PM – Canada NewsWire
TORONTO, Jun 19, 2009 (Canada NewsWire via COMTEX News Network) —
The following issues have been halted by Investment Industry Regulatory Organization of Canada (IIROC):
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SOURCE: Investment Industry Regulatory Organization of Canada (IIROC)
SOURCE: Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions
contact – IIROC Inquiries (416) 646-7299 – * Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
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