Strategic Oil & Gas Ltd. has completed its previously announced bought deal financing. Pursuant to the Offering, the Company has issued 33,400,000 common shares at a price of $0.90 per Common Share and 9,100,000 flow-through common shares at a price of $1.10 per Flow-Through Share, for aggregate gross proceeds of $40,070,000.

In addition, the underwriters have exercised in part the over-allotment option purchasing an additional 2,500,000 Common Shares at a price of $0.90 per Common Share for additional gross proceeds of $2,250,000. The underwriters have until January 20, 2012 to exercise the balance of the over-allotment option.

The syndicate of underwriters was led by Macquarie Capital Markets Canada Ltd. and included Raymond James Ltd., Dundee Securities Ltd. and PI Financial Corp.

The Flow-Through Share proceeds will be used to incur eligible Canadian exploration expenditures that will be renounced to subscribers effective on or before December 31, 2011.

Tags: Strategic Oil & Gas Ltd.