Sky Petroleum Inc. (OTCBB:SKPI) announced a private placement of 2,000,000 class A units at a price of $0.25 per unit for gross proceeds of $500,000 on May 14, 2012. OceanRidge Investments S.A, an entity controlled by a Director and former Chief Executive Officer invested in the transaction. Each class A unit consists of one common share and one class A warrant. Each class A warrant is exercisable to acquire one class B unit of the company at an exercise price of $0.35 per unit till May 14, 2013. Each class B unit consists of one common share and one class B warrant. Each class B warrant is exercisable to acquire one common share at an exercise price of $0.60 until May 14, 2014. On May 14, 2012, Sky Petroleum Inc. closed the transaction.