By Sheri Kasprzak
New York, Nov. 28 - Emerald Bay Energy Inc. said it has changed the mix of units and flow-through shares offered in its C$2 million private placement.
The company will sell up to 1,666,667 flow-through shares at C$0.30 each and 6 million units at C$0.25 each. If no flow-through shares are subscribed for, the company may issue up to 8 million units.
The units are comprised of one non flow-through share and one warrant. The warrants are exercisable at C$0.35 each for the first year and C$0.45 for the second year.
Union Securities Inc. is the placement agent.
Calgary, Alta.-based Emerald Bay is an oil and natural gas exploration company.
| Issuer: | Emerald Bay Energy Inc.
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| Issue: | Flow-through shares and units of one share and one warrant
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| Amount: | C$2 million (maximum)
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| Placement agent: | Union Securities Inc.
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| Pricing date: | Nov. 24
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| Stock price: | C$0.23 at close Nov. 24
|
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| Flow-through shares
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| Shares: | 1,666,667 (maximum)
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| Price: | C$0.30
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| Warrants: | No
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|
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| Units
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| Units: | 6 million (8 million if no flow-through shares are purchased)
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| Price: | C$0.25
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.35 for the first year; C$0.45 for the second year
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