Proceeds used for drilling wells, seismic activities, working capital
By Devika Patel
Knoxville, Tenn., April 13 - Emerald Bay Energy Inc. announced it settled the second and final C$95,500 tranche of a private placement of units. The non-brokered deal priced for C$1 million on March 4 and was revised March 17; the company raised C$375,185 on March 29 for a total of C$470,685.
The company sold 9,413,701 units of one common share and one warrant at C$0.05 apiece. It sold 7,503,701 units in the first tranche and 1.91 million units in the second.
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 could choose to have the units' common shares designated as either flow-through common shares or non-flow-through common shares. In the first tranche, 6,163,701 units had flow-through shares. None of the units in the second tranche had 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 flow-through units of one flow-through common share and a warrant
|
| Amount: | C$470,685
|
| Units: | 9,413,701 (6,163,701 flow-through units)
|
| 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 dates: | March 29 (for C$375,185), April 13 (for C$95,500)
|
| Stock symbol: | TSX Venture: EBY
|
| Stock price: | C$0.055 at close March 4
|
| Market capitalization: | C$2.93 million
|
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