Suroco Energy to raise $8.27 million through private placement

Suroco Energy, Inc., a Canada-based junior oil and gas company, has agreed to raise $8.27M through a private placement of up to 33.3 million units.

The units will be issued at a price of $0.25)per unit. Each Unit will be comprised of one common share o and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share for a period of 18 months from the applicable closing date for the offering, at an exercise price of $0.33 per common share. The offering is expected to close on or about May 18, 2009.

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