By Sheri Kasprzak
New York, Aug. 12 - Cinch Energy Corp. said it has arranged a private placement for C$20 million.
The offering includes 2,941,177 non flow-through shares at C$3.40 each and 2,352,941 flow-through shares at C$4.25 each.
A syndicate of underwriters led by Canaccord Capital Corp. and including National Bank Financial, First Associates Investments Inc. and Haywood Securities Inc. has an over-allotment option for up to 735,295 non flow-through shares.
The proceeds will be used for exploration, development and working capital.
Calgary, Alta.-based Cinch is an oil and natural gas exploration and development company.
| Issuer: | Cinch Energy Corp.
|
| Issue: | Non flow-through and flow-through shares
|
| Amount: | C$20 million
|
| Underwriters: | Canaccord Capital Corp. (lead); National Bank Financial; First Associates Investments Inc; Haywood Securities Inc.
|
| Pricing date: | Aug. 11
|
| Stock price: | C$3.59 at close Aug. 11
|
|
|
| Flow-through shares
|
| Issue: | Flow-through common shares
|
| Shares: | 2,352,941
|
| Price: | C$4.25
|
| Warrants: | No
|
|
|
| Non flow-through shares
|
| Issue: | Non flow-through common shares
|
| Shares: | 2,941,177
|
| Price: | C$3.40
|
| Warrants: | No
|
|
|
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