By Devika Patel
Knoxville, Tenn., Dec. 31 - Emerald Bay Energy Inc. said it raised C$150,000 in the first tranche of a C$1 million non-brokered private placement of units. The deal priced Nov. 23.
The company is selling 12.5 million units at C$0.08 apiece. Each unit consists of one common share and one warrant, with each one-year warrant exercisable at C$0.15.
Emerald Bay sold 1,875,000 units in this tranche.
Proceeds will be used for drilling new wells, completion and tie-ins of recently drilled wells and for seismic activities.
Emerald Bay, based in Calgary, Alta., is an oil and natural gas exploration company.
| Issuer: | Emerald Bay Energy Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 12.5 million
|
| Price: | C$0.08
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 23
|
| Settlement date: | Dec. 31 (for C$150,000)
|
| Stock symbol: | TSX Venture: EBY
|
| Stock price: | C$0.09 at close Nov. 20
|
| Market capitalization: | C$3.9 million
|
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