Sky Petroleum raises $500,000
Sky Petroleum, announced today that it is issuing 2,000,000 Class A Units (the “Class A Units”) at a price of US $0.25 per Unit for total proceeds of $500,000 (the “Offering”).
“This investment, with the assistance of Mr. Karim Jobanputra, demonstrates the confidence that investors have in Sky Petroleum and our business prospects”
The Class A Units are being issued on terms similar to the Class A Unit offering closed by Sky Petroleum earlier in 2012. Each Class A Unit consists of one share of common stock of the Company, par value US$0.001, and one Class A Warrant (each, a “Class A Warrant”). Each Class A Warrant is exercisable to acquire one Class B Unit of the Company (a “Class B Unit”), at an exercise price of US$0.35 per Class B Unit for a period of one (1) year. Each Class B Unit consists of one share of common share and one Class B Warrant (each, a “Class B Warrant”).
Each Class B Warrant is exercisable to acquire one Common Share of the Corporation, par value US$0.001 at an exercise price of US$0.60 for a period of two (2) years.
“This investment, with the assistance of Mr. Karim Jobanputra, demonstrates the confidence that investors have in Sky Petroleum and our business prospects,” commented Michael Noonan, CFO of Sky Petroleum. “We anticipate that the $500,000 in proceeds from the Offering will be used for general working capital. We also have a $1,500,000 deposit with Texas Citizen Bank, N.A. that is pledged to support our bank guarantee for the work that we plan to undertake on our concessions on Blocks 4, 5 and Dumre in Albania.”
The securities offered by Sky Petroleum have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold absent applicable exemptions from such registration requirements. The Class A Units were offered and sold outside the United States to non-U.S. persons in reliance upon exemptions from the registration requirements of the Securities Act. This press release does not constitute an offer to sell or solicitation to buy securities.
Source: Business Wire
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