By Sheri Kasprzak
Atlanta, Dec. 14 - Delphi Energy Corp. said Tuesday it will raise C$25,000,005.30 in a private placement.
The company plans to issue 1,351,352 flow-through common shares at C$3.70 each and 6,779,662 subscription receipts at C$2.95 each.
The subscription receipts are exchangeable for one common share each upon closing of a property acquisition.
An underwriting syndicate led by GMP Securities Ltd. and including Dundee Securities Corp., First Associates Investments Inc. and Acumen Capital Finance Partners Ltd. has the option to increase the size of the subscription receipts offering by C$5,000,002.20.
The deal is expected to close Dec. 31.
Based in Calgary, Alta., Delphi is an oil and natural gas exploration, development and production company. It plans to use the proceeds from the flow-through shares for exploration expenses related to a joint-venture exploration drilling program. Proceeds from the subscription receipts will be used to fund property acquisition.
| Issuer: | Delphi Energy Corp.
|
| Issue: | Flow-through shares and subscription receipts
|
| Amount: | C$25,000,005.30
|
| Underwriters: | GMP Securities Ltd. (lead); Dundee Securities Corp.; First Associates Investments Inc.; Acumen Capital Finance Partners Ltd.
|
| Announcement date: | Dec. 14
|
| Stock price: | C$3.15 at close Dec. 14
|
|
|
| Flow-through shares
|
| Issue: | Flow-through common shares
|
| Shares: | 1,351,352
|
| Price: | C$3.70
|
| Warrants: | No
|
|
|
| Subscription receipts
|
| Issue: | Subscription receipts exchangeable for common shares
|
| Shares: | 6,779,662
|
| Price: | C$2.95
|
| Warrants: | No
|
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