Sky Petroleum, Inc. (OTCBB: SKPI), an oil and gas company with
activities in Albania and the United Arab Emirates, announced today it
is closing the placement of 4,000,000 Class A Units (the 'Class A
Units?) at a price of US $0.25 per Unit for total proceeds of $1,000,000
(the 'Offering?).
Each Class A Unit consists of one share of common stock of the Company,
par value US$0.001 (a 'Common Share?) and one Class A Warrant (each, a
'Class A Warrant?). Each Class A Warrant is exercisable to acquire one
Class B Unit of the Company (a 'Class B Unit?), at an exercise price of
US$0.35 per Class B Unit for a period of one (1) year. Each Class B Unit
consists of one share of Common Share of the Corporation, par value
US$0.001 and one Class B Warrant (each, a 'Class B Warrant?). Each Class
B Warrant is exercisable to acquire one Common Share of the Corporation,
par value US$0.001 at an exercise price of US$0.60 for a period of two
(2) years. The Company granted the investors registration rights in
connection with the Offering. The general terms of the Offering were
previously announced on October 12, 2011.
The securities offered by Sky Petroleum have not been registered under
the Securities Act of 1933, as amended, or any state securities laws,
and may not be offered or sold absent applicable exemptions from such
registration requirements. The Class A Units were offered and sold
outside the United States to non-U.S. persons in reliance upon
exemptions from the registration requirements of the Securities Act.
This press release does not constitute an offer to sell or solicitation
to buy securities.
About Sky Petroleum
Sky Petroleum (OTCBB: SKPI) is an oil and gas exploration company. Sky
Petroleum's primary focus is to seek opportunities where discoveries can
be appraised rapidly, and developments can be advanced either by
accessing existing infrastructure, or by applying the extensive
experience of established joint-venture partners. In addition, the
company also plans some higher risk, higher reward exploration
prospects. For additional information please visit
Safe Harbor
Except for historical information, the matters set forth herein, which
are forward-looking statements, including the focus of Sky Petroleum′s
business and its ability to implement its business strategy.
Forward-looking statements involve certain risks and uncertainties that
could cause actual results to differ. Potential risks and uncertainties
include, but are not limited to, government regulation, enforceability
of contractual rights, the competitive environment within the oil and
gas industry, the extent and cost effectiveness with which Sky Petroleum
is able to implement exploration and development programs in the oil and
gas industry, obtaining drilling equipment on a timely fashion,
commodity price risk, and the market acceptance and successful technical
and economic implementation of Sky Petroleum's intended plan. Additional
discussion of these and other risk factors affecting the company's
business and prospects is contained in the company's periodic filings
with the SEC.
