Proceeds used for drilling wells, seismic activities, working capital
By Devika Patel
Knoxville, Tenn., March 29 - Emerald Bay Energy Inc. announced it settled the initial tranche of a private placement of units, raising C$375,185. The C$1 million non-brokered deal priced March 4 and was revised March 17.
The company is selling 20 million units of one common share and one warrant at C$0.05 apiece. It sold 7,503,701 units in the first tranche.
Each 18-month warrant is exercisable at C$0.10, an 81.82% premium to the March 3 closing share price of C$0.055. The warrants were originally 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, completing 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 (7,503,701 in first tranche)
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | March 4
|
| Revised: | March 17
|
| Settlement date: | March 29 (for C$375,185)
|
| Stock symbol: | TSX Venture: EBY
|
| Stock price: | C$0.055 at close March 4
|
| Market capitalization: | C$3.17 million
|
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