Cumberland Oil & Gas Ltd. Announces Closing of Equity Offering
Investing News Network - July 6th, 2010
Cumberland Oil & Gas Ltd. (TSX VENTURE:COG) announced that it has closed its previously announced private placement and has issued 3,300,000 flow-through common shares of Cumberland at a price of $0.275 per share for total gross proceeds of $907,500.
Cumberland Oil & Gas Ltd. (TSX VENTURE:COG) announced that it has closed its previously announced private placement and has issued 3,300,000 flow-through common shares of Cumberland at a price of $0.275 per share for total gross proceeds of $907,500.
The press release is quoted as saying:
Cumberland intends to use the proceeds of the offering to fund ongoing drilling. The flow-through common shares issued under the private placement will be subject to a hold period until November 6, 2010.