Company raises funds for drilling obligations, general working capital
By Devika Patel
Knoxville, Tenn., May 18 - Canadian Quantum Energy Corp. said it plans a C$1 million non-brokered private placement of stock and units.
The company will sell flow-through common shares at C$0.25 per share and units of one common share and one half-share warrant at C$0.20 per unit.
Each whole warrant is exercisable at C$0.40 for one year.
The price per share reflects a 19.05% premium to the May 17 closing share price of C$0.21. The warrant strike price is a 90.48% premium to that price.
Proceeds will be used for the company's drilling obligations and for general working capital.
The petroleum and natural gas explorer is based in London, Ont.
| Issuer: | Canadian Quantum Energy Corp.
|
| Issue: | Flow-through common shares, units of one common share and one half-share warrant
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| Amount: | C$1 million
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| Agent: | Non-brokered
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| Pricing date: | May 18
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| Stock symbol: | TSX Venture: CQM
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| Stock price: | C$0.21 at close May 17
|
| Market capitalization: | C$5.71 million
|
|
|
| Shares
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| Price: | C$0.25
|
| Warrants: | No
|
|
|
| Units
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| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.40
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