US Oil Sands Inc. (TSXV: USO) confirms receipt of remaining subscription proceeds from the previously announced $81 million private placement financing with strategic investors.
Blue Pacific Investments Group Ltd. through Oil Associates S.A., Anchorage Capital Group LLC through ACMO S.à.r.l., and Spitfire Ventures LLC and certain accredited investors were the strategic investors.
Pursuant to the second closing of the financing, the company issued some 7.1 million additional common shares to certain accredited investors at $0.15 per share, completing the financing of some 540 million common shares for gross proceeds of some $81 million.
All common shares issued pursuant to the financing are subject to a statutory hold period of four months from the date of each closing.
US Oil Sands is engaged in the exploration and development of oil sands properties and, through its wholly owned United States subsidiary US Oil Sands (Utah) Inc. The company is headquartered in Calgary.