By Sheri Kasprzak
New York, Feb. 8 - Challenger Energy Corp. said it plans to raise up to C$17.2 million in a private placement.
The company plans to sell up to 7,644,444 units at C$2.25 each through agent Pritchard Capital Partners, LLC.
The units consist of one share and one half-share warrant. The whole warrants are exercisable at C$2.75 each through Dec. 31, 2006.
Pritchard has a greenshoe for up to 1 million additional units.
Proceeds will be used for exploration activities offshore Trinidad and Tobago. The rest will be used for working capital.
In other news, the company named Manjeet Dhillon vice president of finance and chief financial officer.
Calgary, Alta.-based Challenger is an oil and natural gas exploration and production company.
| Issuer: | Challenger Energy Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$17.2 million (maximum)
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| Units: | 7,644,444 (maximum)
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| Greenshoe: | For 1 million units
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| Price: | C$2.25
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Dec. 31, 2006
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| Warrant strike price: | C$2.75
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| Placement agent: | Pritchard Capital Partners, LLC
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| Pricing date: | Feb. 8
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| Stock symbol: | TSX Venture: CHA
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| Stock price: | C$2.80 at close Feb. 7
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