By Devika Patel
Knoxville, Tenn., Sept. 23 - Canacol Energy Ltd. said it will raise C$30 million in a private placement of stock. The deal priced for C$20 million and was increased a few hours later.
The company will sell 107,143,000 common shares at C$0.28 apiece.
Canaccord Capital Corp. will be the lead agent of a syndicate that includes FirstEnergy Capital Corp. There is a C$10 million greenshoe.
Settlement is expected Oct. 15.
Proceeds will be used to fund the company's exploration and development program in Colombia, Guyana and Brazil, to reduce debt and for general corporate purposes.
Based in Calgary, Alta., Canacol Energy is an independent onshore oil exploration company.
Issuer: | Canacol Energy Ltd.
|
Issue: | Common shares
|
Amount: | C$30 million
|
Greenshoe: | C$10 million
|
Shares: | 107,143,000
|
Price: | C$0.28
|
Warrants: | No
|
Agent: | Canaccord Capital Corp. (lead), FirstEnergy Capital Corp.
|
Pricing date: | Sept. 23
|
Settlement date: | Oct. 15
|
Stock symbol: | TSX Venture: CNE
|
Stock price: | C$0.315 at close Sept. 22
|
Market capitalization: | C$57 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.