Company secures funds to develop shallow, conventional oil prospects
By Devika Patel
Knoxville, Tenn., Dec. 10 - Edge Resources Inc. said it completed a £3.13 million private placement of shares.
The company sold 19,531,250 ordinary shares at 16p apiece. The price per share is an 11.11% discount to the Dec. 7 closing share price of 18p.
Proceeds will be used to develop the company's shallow, conventional oil prospects in Western Canada with the intent of simultaneously increasing both production and reserve value.
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: | Ordinary shares
|
| Amount: | £3,125,000
|
| Shares: | 19,531,250
|
| Price: | 16p
|
| Warrants: | No
|
| Settlement date: | Dec. 10
|
| Stock symbol: | London: EDG
|
| Stock price: | 18p at close Dec. 7
|
| Market capitalization: | £19.07 million
|
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