Non-brokered deal raises funding for company's planned seismic program
By Devika Patel
Knoxville, Tenn., Dec. 16 - Divestco Inc. said its non-brokered private placement of units is oversubscribed. The deal priced for C$2.31 million on Dec. 9.
The company will sell 10.5 million units of one common share and one warrant at C$0.22 per unit.
Each warrant will be exercisable at C$0.32 until Dec. 31, 2012. The strike price is an 8.48% premium to the Dec. 8 closing share price of C$0.295. The company also said the price per unit was based on the closing price of the shares on Dec. 8, less a 25% discount.
Settlement is expected Dec. 23.
Proceeds will be used to fund a seismic program.
Based in Calgary, Alta., Divestco provides software and services to the oil and natural gas exploration industry.
| Issuer: | Divestco Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2.31 million
|
| Units: | 10.5 million
|
| Price: | C$0.22
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Dec. 31, 2012
|
| Warrant strike price: | C$0.32
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 23
|
| Stock symbol: | TSX Venture: DVT
|
| Stock price: | C$0.30 at close Dec. 9
|
| Market capitalization: | C$11.21 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
