Published on 1/23/2013 in the Prospect News PIPE Daily.
Cancen Oil Canada takes in C$3 million via placement of shares, units
Proceeds to be used for working capital and general corporate purposes
By Devika Patel
Knoxville, Tenn., Jan. 23 - Cancen Oil Canada Inc. said it raised C$491,812 in the second and final tranche of a C$3 million non-brokered private placement of units and stock. The deal raised C$2.51 million on Dec. 28.
The company sold 3,636,393 common shares at C$0.38 per share and 2,965,366 units of one common share and one warrant at C$0.38 per unit in the first tranche and 1,294,241 shares in the second tranche.
Each whole warrant is exercisable at C$0.50 for five years. The strike price is a 2.04% premium to C$0.49, the Dec. 27 closing share price.
Proceeds will be used for working capital and general corporate purposes.
Edmonton, Alta.-based Cancen provides specialized energy services to upstream oil and natural gas companies operating in the Western Canadian Sedimentary Basin.
Issuer: | Cancen Oil Canada Inc.
|
Issue: | Common shares, units of one common share and one warrant
|
Amount: | C$3,000,480
|
Agent: | Non-brokered
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Settlement date: | Dec. 28 (for C$2,508,668), Jan. 23 (for C$491,812)
|
Stock symbol: | TSX Venture: COI
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Stock price: | C$0.49 at close Dec. 27
|
Market capitalization: | C$17.79 million
|
|
Units
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Amount: | C$1,126,839
|
Units: | 2,965,366
|
Price: | C$0.38
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Warrants: | One per unit
|
Warrant expiration: | Five years
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Warrant strike price: | C$0.50
|
|
Stock
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Amount: | C$1,873,641
|
Shares: | 4,930,634
|
Price: | C$0.38
|
Warrants: | No
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