Deal funds coal assets expansion and electricity generation project
By Devika Patel
Knoxville, Tenn., Dec. 20 - EmberClear Corp. said it has arranged a private placement of stock with lead agent NCP Northland Capital Partners Inc. The deal will raise C$8 million and has a C$1.2 million greenshoe.
The company will sell 5,714,286 common shares at C$1.40 each. The price per share is a 15.66% discount to C$1.66, the Dec. 17 closing share price.
Settlement is expected Jan. 14.
Proceeds will be used to expand the company's coal assets, to develop its proposed 270-megawatt electricity generation project in Pennsylvania using gasification technology and for general working capital.
EmberClear is a Calgary, Alta.-based clean energy technology company.
| Issuer: | EmberClear Corp.
|
| Issue: | Common stock
|
| Amount: | C$8 million
|
| Greenshoe: | C$1.2 million
|
| Shares: | 5,714,286
|
| Price: | C$1.40
|
| Warrants: | No
|
| Agent: | NCP Northland Capital Partners Inc. (lead)
|
| Pricing date: | Dec. 20
|
| Settlement date: | Jan. 14
|
| Stock symbol: | TSX Venture: EMB
|
| Stock price: | C$1.66 at close Dec. 17
|
| Market capitalization: | C$60.36 million
|
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