By Devika Patel
Knoxville, Tenn., May 14 - Canacol Energy Ltd. said it completed the first tranche of a C$6 million private placement of units for C$4.35 million. The deal priced for C$5 million April 28 and was increased to C$5.3 million on May 7 and increased again on Tuesday.
The company is selling units of one common share and one half-share warrant at C$0.125 apiece. It sold 34.82 million units in this tranche. Each whole warrant is exercisable at C$0.20 for two years.
Canaccord Capital Corp. is the agent.
Settlement of the second tranche is expected May 21.
Proceeds will be used to fund the company's 2009 work program.
Based in Calgary, Alta., Canacol Energy is an independent onshore oil exploration company.
| Issuer: | Canacol Energy Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$6 million
|
| Price: | C$0.125
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$0.20
|
| Warrant expiration: | Two years
|
| Agent: | Canaccord Capital Corp.
|
| Pricing date: | April 28
|
| Upsized: | May 7, May 12
|
| Settlement date: | May 14 (for C$4,352,500), May 21
|
| Stock symbol: | TSX Venture: CNE
|
| Stock price: | C$0.15 at close April 27
|
| Market capitalization: | C$18.2 million
|
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