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Message: Anglo Canadian Oil Announces Private Placement
Anglo Canadian Oil Announces Private Placement
Mar. 11, 2011 (Marketwire Canada) --
CALGARY, ALBERTA -- Anglo Canadian Oil Corp. ("Anglo" or the "Company") (TSX VENTURE:ACG) is pleased to announce that it has arranged a non-brokered private placement (the "Offering") to sell an aggregate of (i) 12,000,000 units ("Units") of the Company at a price of $0.25 per Unit, and (ii) 10,344,900 common shares issued on a flow-through basis ("Flow-Through Shares") at a price of $0.29 per Flow-Through Share for gross proceeds of up to approximately $6 million. Each Unit consists of one common share ("Common Share") of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant") with each Warrant entitling the holder thereof to acquire one Common Share at a price of $0.33 per Common Share for a period of 18 months from the date of closing the Offering.
The Company may pay a finder's fee on all or part of the Offering to PI Financial Corp., and certain other investment dealers, in cash of up to 7% of the gross proceeds raised under the Offering and options entitling the holder to acquire up to 8% of that number of securities sold by arm's length parties who assist with the placement of the securities.
Securities issued pursuant to the private placement will be subject to a four month hold period. The Offering is scheduled to close on or before March 31, 2011 and is subject to regulatory approval.
Net proceeds of the Offering will be used towards the Company's ongoing work program in its Nordegg and Bakken oil properties with the flow-through share proceeds used to incur eligible Canadian exploration expenditures that will be renounced to subscribers effective on or before December 31, 2011.
Anglo holds 269 sections of potential Nordegg shale oil bearing lands in West Central Alberta.
Anglo's Nordegg lands hold 6.47 billion barrels of oil resource, as determined by AJM Petroleum Consultants, the full report which can been viewed in its entirety on the Anglo website at http://www.anglocanadianoil.com/.
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