Proceeds of offering are earmarked for exploration and working capital
By Devika Patel
Knoxville, Tenn., May 24 - Edge Resources Inc. said it settled the second and final tranche of a private placement of units and shares for C$2.29 million. The deal priced for C$4.5 million on March 23, and the company raised C$2.11 million on April 12, for a total of C$4.4 million.
The company sold 4,509,500 units at C$0.38 apiece and 888,222 flow-through common shares at C$0.45 per share in the first tranche and 6,016,915 units in this tranche.
Each unit consists of one common share and one half-share warrant. Each full warrant will be exercisable at C$0.50 for 18 months.
The strike price is a 28.21% premium to the March 22 closing share price of C$0.39. The price per flow-through share is a 15.39% premium to that price.
Proceeds will be used for exploration and development of the company's lands in western Canada and working capital.
Edge Resources is a Calgary, Alta., company focused on the exploration, development and production of shallow oil and natural gas horizons.
| Issuer: | Edge Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant, flow-through common shares
|
| Amount: | C$4,399,738
|
| Pricing date: | March 23
|
| Settlement dates: | April 12 (for C$2,113,310), May 24 (for C$2,286,428)
|
| Stock symbol: | TSX Venture: EDE
|
| Stock price: | C$0.41 at close March 22
|
| Market capitalization: | C$16.58 million
|
|
|
| Units
|
| Amount: | C$4,000,038
|
| Units: | 10,526,415
|
| Price: | C$0.38
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration | 18 months
|
| Warrant strike price: | C$0.50
|
|
|
| Shares
|
| Amount: | C$399,700
|
| Shares: | 888,222
|
| Price: | C$0.45
|
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