Strategic Oil & Gas Ltd. (TSXV: SOG) closed the non-brokered private placement of some 20.2 million common shares sold at $0.95 per share.
Strategic received proceeds of some $19.2 million. Net proceeds will be used to pay down bank indebtedness, fund the increase in its 2013 drilling program, to partially fund its 2014 capital program, and for general corporate purposes.
The shares issued under the private placement will be subject to a four month hold period expiring on Jan. 27, 2014.
Strategic Oil & Gas Ltd. is an independent energy company engaged in the exploration and development of petroleum and natural gas reserves in Western Canada. The company is headquartered in Calgary.