Deal sells receipts in connection with Indio qualifying transaction
By Devika Patel
Knoxville, Tenn., Feb. 27 - Crest Petroleum Corp. said it will raise at least C$4 million in a private placement of subscription receipts. The deal is being conducted in connection with the company's planned C$2.5 million qualifying transaction with Indio Well Services Corp.
The company will sell up to 16 million receipts at C$0.25 apiece. The price per receipt is a 10.71% discount to the Feb. 26 closing share price of C$0.28.
Each receipt will convert into one common share.
AltaCorp Capital Inc. is the agent.
The capital pool company is based in Vancouver, B.C.
| Issuer: | Crest Petroleum Corp.
|
| Issue: | Subscription receipts
|
| Amount: | C$4 million (minimum)
|
| Receipts: | 16 million (minimum)
|
| Price: | C$0.25
|
| Warrants: | No
|
| Agent: | AltaCorp Capital Inc.
|
| Pricing date: | Feb. 27
|
| Stock symbol: | TSX Venture: CTP.P
|
| Stock price: | C$0.28 at close Feb. 26
|
| Market capitalization: | C$2.8 million
|
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