Laredo Oil, Inc. (LRDC.OB) Announces Agreement with Institutional Investor
Yesterday, Laredo Oil, Inc. announced that they entered into an agreement on July 26, 2010 with an institutional investor. This agreement is for the private placement of 1,000,000 shares of their common stock and warrants to purchase 750,000 shares of their common stock for an aggregate purchase price of $500,000, or $0.50 per share. Laredo Oil closed the transaction on July 27, 2010. The Company plans to use the net proceeds of the transaction for general corporate purposes. Sutter Securities Incorporated is acting as the exclusive placement agent in the transaction. The warrants are immediately exercisable following issuance. They have…