Tanager Energy Inc. (TSXV:TAN) has increased its previously announced private placement to 7,500,000 units from 6,250,000 units at a price of $0.08 per unit. This increase also raises the gross proceeds for Tanager to $600,000 from $500,000. Each Unit consists of one common share and one common share purchase warrant, and each warrant entitles its holder thereof to purchase one additional common share in the capital of Tanager for a period expiring on May 30, 2016, at an exercise price of $0.15 per common share.
As quoted in the press release:
Net proceeds from the Private Placement will be used for acquisition or farm-in of producing oil and gas properties and for general corporate purposes. The closing date of the Private Placement which is non-brokered is now scheduled to close on or before June 30, 2014 and is subject to the normal approvals by the TSX Venture Exchange.