Proceeds used for drilling wells, seismic activities, working capital
By Devika Patel
Knoxville, Tenn., Dec. 10 - Emerald Bay Energy Inc. announced it will complete a private placement of units. It will raise C$1 million.
The company will sell 20 million units of one common share and one warrant at C$0.05 apiece. Each one-year warrant will be exercisable at C$0.12, a 166.67% premium to the Dec. 9 closing share price of C$0.045.
Investors may choose to have the units' common shares designated as either flow-through common shares or non flow-through common shares.
Proceeds will be used for drilling wells, seismic activities and increasing working capital.
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 a warrant or units of one flow-through common share and a warrant
|
| Amount: | C$1 million
|
| Units: | 20 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.12
|
| Pricing date: | Dec. 10
|
| Stock symbol: | TSX Venture: EBY
|
| Stock price: | C$0.045 at close Dec. 9
|
| Market capitalization: | C$2.95 million
|
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