By Sheri Kasprzak
Atlanta, April 12 - Canex Energy Inc. said it has completed a C$12.15 million private placement of stock.
The company sold a total of 4.5 million shares at C$2.70 each, including 750,000 as part of the exercise of an over-allotment option.
An underwriting syndicate led by Tristone Capital Corp. and including First Associates Investments Inc. exercised the greenshoe for 750,000 shares.
The deal was first announced March 17 as a C$10,125,000 offering of up to 3.75 million shares.
Connected to the private placement, Canex said it has increased its 2005 capital budget to C$24 million. The company also said it plans to drill 31 wells on the Peace River Arch exploration and development prospects.
Based in Calgary, Alta., Canex is an oil and natural gas exploration, development and production company. It plans to use the proceeds from the deal for continued exploration and development.
| Issuer: | Canex Energy Inc.
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| Issue: | Stock
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| Amount: | C$12.15 million
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| Shares: | 4.5 million (includes greenshoe for 750,000)
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| Price: | C$2.70
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| Warrants: | No
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| Underwriters: | Tristone Capital Corp. (lead); First Associates Investments Inc.
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| Pricing date: | March 17
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| Settlement date: | April 12
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| Stock price: | C$2.90 at close March 17
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| Stock price: | C$2.80 at close April 12
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