Deal funds coal assets expansion and electricity generation project
By Angela McDaniels
Tacoma, Wash., Jan. 14 - EmberClear Corp. said it completed a C$9.2 million private placement of common stock. The total includes the exercise of a C$1.2 million over-allotment option.
The company sold 6,571,429 shares for C$1.40 each. The price is a 15.66% discount to the C$1.66 closing share price on Dec. 17, the last trading day prior to pricing.
NCP Northland Capital Partners Inc. was the underwriter.
The proceeds will be used to expand the company's coal assets and fund the continued development of its proposed 270-megawatt electricity generation project in northeastern Pennsylvania using gasification technology, as well as for general working capital purposes.
EmberClear is a Calgary, Alta.-based clean energy technology company.
| Issuer: | EmberClear Corp.
|
| Issue: | Common stock
|
| Amount: | C$9.2 million, including C$1.2 million greenshoe
|
| Shares: | 6,571,429
|
| Price: | C$1.40
|
| Warrants: | No
|
| Underwriter: | NCP Northland Capital Partners Inc.
|
| 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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