Offering also includes C$900,000 greenshoe; proceeds fund exploration
By Devika Patel
Knoxville, Tenn., June 15 - Canadian Energy Exploration Inc. said it settled a C$5.88 million private placement of units and shares. The deal priced for C$6 million, with a C$900,000 greenshoe which may still be exercised in future tranches, on May 20.
The company sold 20,933,000 units of one common share and one half-share warrant at C$0.09 apiece and 39.97 million flow-through common shares at C$0.10 each. Each whole warrant is exercisable at C$0.15 until Dec. 15, 2012.
The strike price represents a 42.86% premium to C$0.105, the May 19 closing share price. The price per share is a 4.76% discount to that price.
The deal is being conducted by Casimir Capital Ltd.
Proceeds will be used for exploration and development activities and general working capital purposes.
The oil and gas company is based in Calgary, Alta.
| Issuer: | Canadian Energy Exploration Inc.
|
| Issue: | Units of one common share and one half-share warrant, flow-through common shares
|
| Amount: | C$5,880,970
|
| Greenshoe: | C$900,000
|
| Agents: | Casimir Capital Ltd.
|
| Pricing date: | May 20
|
| Settlement date: | June 15
|
| Stock symbol: | TSX Venture: XPL
|
| Stock price: | C$0.105 at close May 19
|
| Market capitalization: | C$6.39 million
|
|
|
| Units
|
| Amount: | C$1,883,970
|
| Units: | 20,933,000
|
| Price: | C$0.09
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Dec. 15, 2012
|
| Warrant strike price: | C$0.15
|
|
|
| Shares
|
| Amount: | C$3,997,000
|
| Shares: | 39.97 million
|
| Price: | C$0.10
|
| Warrants: | No
|
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