FERNDALE, WA, Oct. 31 /CNW/ - 1st NRG Corp (OTC-BB: FNRC) is pleased to
announce that it has closed a private placement in the amount of $5 million
dollars. The private placement was completed with a group of five (5)
institutional, accredited investors.
The private placement consisted of 500 units priced at $10,000 per unit
for an aggregate of five million dollars invested into the Company. Each unit
consisted of 12,998 shares of the Company's common stock, and 21,682 warrants
exercisable at $1.24 per share. The warrants expire thirty months from the
date of the issuance. Fully exercised, the warrants would result in an
additional $13,442,840 being invested into the company.
A portion of these funds have been set aside for drilling on the
Guatemala project. The company believes this funding will provide all of the
necessary capital to drill the 2 wells which are committed to. The Guatemala
project is a proven structure with existing wells.
The LOI signed between 1st NRG and TrueStar Petroleum Corporation with
regard to the Guatemala project, calls for 1st NRG to invest $650,000 for
licensing and changeover and to invest up to $12 million for the drilling and
completion of two wells in the development area.
About 1st NRG
1st NRG, Corp. is a development stage oil and gas company focused on
acquiring, developing and operating petroleum based facilities in the Western
Hemisphere. The management of 1st NRG Corp. intends to focus on acquiring,
developing and operating oil and natural gas properties. This will allow the
company and its shareholders to take advantage of management's extensive
experience in the industry.
Additional Information on 1st NRG can be found at www.1stnrg.com
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1st NRG operates in the Oil Energy sector. Record crude prices this past
summer translated into huge profits for top oil energy companies, but some
energy companies are bracing for tougher times questioning energy demand and
slowing global economic concerns.
Oil stocks did well at the close of trading yesterday: Chevron (NYSE:
CVX) up 4.5% on 22M shares, ConocoPhillips (NYSE: COP) up 3.4% on 18M shares,
Exxon Mobil (NYSE: XOM) up under 1% on 56M shares, Marathon Oil (NYSE: MRO) up
8% on 10M shares, Origin Oil (Nasdaq: OOIL) down 6% on 7 thousand shares,
Lukoil Hldg (LUKOY: OTCBB) up 18% on 321 thousand shares. Other sector news on
the Keros watch list include: Genelabs Technologies (GNLB: Nasdaq) up 430% on
9.3M shares, Conceptus Inc (CPTS: Nasdaq) up 53% on 1.9M shares, Rancher
Energy Corp (RNCH: OTCBB) up 40% on 1.4M shares, Phantom Fiber Corp (PHFB:
OTCBB) up 57% on 3M shares, Kiwa Bio-Tech Grp (KWBT: OTCBB) up 45% on 3.5M
shares, Symyx Technologies Inc (SMMX: Nasdaq) down 36% on 3M shares, Intel
(INTC: Nasdaq) down 8% on 135M shares, Symantec Corp (SYMC: Nasdaq) down 18%
on 51M shares.
Disclosure: All material herein was prepared by Keros Capital Inc.
(Keros) based upon information believed to be reliable. The information
contained herein is not guaranteed by Keros to be accurate, and should not be
considered to be all-inclusive. The companies that are discussed in this
opinion have not approved the statements made in this opinion. This opinion
contains forward-looking statements that involve risks and uncertainties. This
material is for informational purposes only and should not be construed as an
offer or solicitation of an offer to buy or sell securities. Keros is not a
licensed broker, broker dealer, market maker, investment banker, investment
advisor, analyst or underwriter. Please consult a broker before purchasing or
selling any securities viewed on http://www.keroscapital.com or mentioned
herein. Keros Capital has been compensated twenty five hundred dollars for
coverage of FNRC. Keros will not advise as to when anyone should buy or sell
shares of this company; each investor must make that decision based on his or
her judgment of the market.
For further information:
For further information: Jim Mav, (973) 979-3705