Oromin arranges $13-million bought-deal financing
Oromin arranges $13-million bought-deal financing
Ticker Symbol: C:OLE
Oromin arranges $13-million bought-deal financing
Oromin Explorations Ltd (2) (C:OLE)
Shares Issued 124,596,385
Last Close 10/12/2010 $1.43
Thursday October 14 2010 – News Release
Mr. Chet Idziszek reports
OROMIN EXPLORATIONS LTD. ANNOUNCES $13 MILLION “BOUGHT DEAL” FINANCING
Oromin Explorations Ltd. has entered into an agreement with a syndicate of investment dealers led by Cormark Securities Inc. and RBC Capital Markets (the “Underwriters”), which have agreed to purchase, on a bought deal basis, 10 million common shares (the “Shares”) of Oromin at a purchase price of $1.30 per Share (the “Offering Price”), for aggregate gross proceeds in the amount of $13 million (the “Offering”).
In addition, the Company has granted the Underwriters an option to purchase up to an additional 1.5 million Shares (representing 15% of the base Offering) at the Offering Price exercisable within 30 days after the closing of the Offering for additional gross proceeds in the amount of up to approximately $1.95 million.
The Offering is scheduled to close on or about November 4, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and the securities regulatory authorities.
The net proceeds of the Offering will be used for general corporate purposes.
