By Sheri Kasprzak
Atlanta, March 3 - Calvalley Petroleum Inc. said it plans to raise C$19,999,000 in a private placement of stock.
The offering includes 5,714,000 class A shares at C$3.50 each.
The deal is being placed through a syndicate of underwriters led by Canaccord Capital Corp. and including Jennings Capital Inc., Octagon Capital Canada Inc. and Desjardins Securities Inc. The underwriters have an over-allotment option for up to 1,428,857 shares, increasing the deal to C$25 million if fully exercised.
The deal is expected to close March 22.
Based in Calgary, Alta., Calvalley is an oil and natural gas exploration and development company. It plans to use the proceeds for its exploration and development program of Block 9 in the Republic of Yemen.
| Issuer: | Calvalley Petroleum Inc.
|
| Issue: | Stock
|
| Amount: | C$19,999,000
|
| Shares: | 5,714,000
|
| Greenshoe: | Up to 1,428,857 shares
|
| Price: | C$3.50
|
| Warrants: | No
|
| Underwriters: | Canaccord Capital Corp. (lead); Jennings Capital Inc.; Octagon Capital Canada Inc.; Desjardins Securities Inc.
|
| Pricing date: | March 3
|
| Settlement date: | March 22
|
| Stock price: | C$3.90 at close March 2
|
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