Non-brokered and oversubscribed deal finances planned seismic program
By Devika Patel
Knoxville, Tenn., Dec. 27 - Divestco Inc. said it settled an oversubscribed non-brokered private placement of units. The deal priced for C$2.31 million on Dec. 9 and raised C$3.48 million.
The company sold 15,825,217 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.
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$3,481,548
|
| Units: | 15,825,217
|
| 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$11.42 million
|
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