Strategic American Oil Corporation (OTC:SGCA) has announced the completion of a private placement financing of 5,250,00 units at $0.20 per unit for a gross proceed of $1,050,000. After finder's fees amounting to $33,250, net cash proceeds are totaled at $1,016,750. The proceeds will used for capital purposes and in the discretion of SGCA’s management. 375,000 units are currently being held in escrow until the receipt of subscription funds totaling to $75,000.
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Engaged in the exploration, acquisition, and development of oil and gas properties in the United States, Strategic American Oil Corporation is a natural resource and production company. The company maintains 475 gross developed acres, and 14,103 gross undeveloped acres. The company’s acres are in Louisiana, Texas, Illinois, and Oklahoma.
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