By Sheri Kasprzak
New York, March 2 - Centillion Industries Inc. plans to raise up to C$40 million in a private placement.
The offering includes up to 114,285,714 subscription receipts at C$0.35 each.
The receipts are exchangeable for units of one share and one half-share warrant once the company completes its acquisition of a 27% working interest in oil and gas properties in the Palo Duro basin of Texas. Each whole warrant is exercisable at C$0.50 for two years.
The offering is being placed through a syndicate of agents led by Canaccord Adams Ltd. and including Salman Partners Inc., Haywood Securities Inc. and Power One Capital Markets Ltd.
The deal is expected to close March 21.
Proceeds will be used for costs associated with the acquisition of the working interest in the oil and gas properties.
Vancouver, B.C.-based Centillion is an oil and natural gas explorer.
| Issuer: | Centillion Industries Inc.
|
| Issue: | Subscription receipts exchangeable for units of one share and one half-share warrant
|
| Amount: | C$40 million
|
| Receipts: | 114,285,714
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit upon exchange
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Placement agents: | Canaccord Adams Ltd. (lead), Salman Partners Inc., Haywood Securities Inc. and Power One Capital Markets Ltd.
|
| Pricing date: | March 2
|
| Settlement date: | March 21
|
| Stock symbol: | TSX Venture: CID
|
| Stock price: | C$0.50 at close March 2
|
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