Published on 12/14/2010 in the Prospect News PIPE Daily.
Crown Point settles C$12.07 million private placement of stock
C$2 million greenshoe fully exercised; funds go for capital program
By Devika Patel
Knoxville, Tenn., Dec. 14 - Crown Point Ventures Ltd. said it completed a private placement of shares. The deal priced for C$10 million with a C$2 million greenshoe on Nov. 22, and the company raised C$12.07 million.
The company sold 7,784,594 shares at C$1.55 apiece, a 7.74% discount to the Nov. 19 closing share price of C$1.68. Of the shares, 7,750,594 were sold by Wellington West Capital Markets Inc. for C$12.01 million. The remainder was non-brokered for 34,000 shares.
Proceeds will be used for the company's ongoing capital program in Argentina and general corporate purposes.
Crown Point is an oil and gas company in Calgary, Alta.
Issuer: | Crown Point Ventures Ltd.
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Issue: | Common shares
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Amount: | C$12,066,121 (including C$2,000,120 greenshoe)
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Units: | 7,784,594
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Price: | C$1.55
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Warrants: | No
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Agent: | Wellington West Capital Markets Inc. (for C$12,013,421), non brokered (for C$52,700)
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Pricing date: | Nov. 22
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Settlement date: | Dec. 14
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Stock symbol: | TSX Venture: CWV
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Stock price: | C$1.68 at close Nov. 19
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Market capitalization: | C$51.47 million
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