Company sweetens exercise terms of warrants sold in offering
By Devika Patel
Knoxville, Tenn., March 17 - Emerald Bay Energy Inc. announced it revised the terms of a private placement of units. The C$1 million deal priced March 4 will be conducted on a non-brokered basis.
The company will sell 20 million units of one common share and one warrant at C$0.05 apiece. Each 18-month warrant will now be exercisable at C$0.10, an 81.82% premium to the March 3 closing share price of C$0.055. The warrants were previously exercisable at C$0.12 for one year.
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.
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Issue: | Units of one common share and a warrant or units of one flow-through common share and a warrant
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Amount: | C$1 million
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Units: | 20 million
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Price: | C$0.05
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Warrants: | One warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.10
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Agent: | Non-brokered
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Pricing date: | March 4
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Revised: | March 17
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Stock symbol: | TSX Venture: EBY
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Stock price: | C$0.055 at close March 4
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Market capitalization: | C$3.85 million
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