HOO
Looks like Hoodoo is doing a little voodoo with its shareholders:
HOODOO ANNOUNCES RECAPITALIZATION AND REORGANIZATION TRANSACTION WHICH WILL RESULT IN THE CHANGE OF CONTROL OF THE COMPANY
Hoodoo Hydrocarbons Ltd. has entered into a letter agreement with an arm's-length private Alberta company, Longbow Capital, pursuant to which the parties have agreed that, subject to requisite shareholder consent, and TSX Venture Exchange and securities commission approval, Longbow, or a permitted assignee, and certain arm's-length subscribers, will proceed with a non-brokered private placement financing pursuant to which they will acquire a minimum of 25 million and a maximum of 35 million common shares of the company at a price of 10 cents per share, for minimum proceeds of $2.5-million and maximum proceeds of $3.5-million. The company is not proceeding with its previously announced proposed private placement of a minimum of $1.7-million and a maximum of $5-million through the private placement of common shares and flow-through shares, but instead is proceeding with the private placement described above. The proceeds from the private placement will be used to extinguish all outstanding short-term debts of the company and for capital expenditures on the company's existing properties.
