14 June 2006capital raising announcement● NeutralMajor
The company (filing under the name Som Resources Inc., the same Nevada registrant and file number as Century Petroleum) closed a private placement of 658,571 units for $2,205,000 on June 13, 2006. Each unit is one share plus one warrant exercisable at $10.50 for 24 months; proceeds are for working capital. New shares for existing holders to account for, and the first cash raised in this story.
What it means for a shareholder
658,571 new shares at about US$3.35 to raise about US$2.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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