Deal sells units of shares with one-year warrants at C$0.05 per unit
By Devika Patel
Knoxville, Tenn., July 9 – Emerald Bay Energy Inc. said it raised C$150,000 in the initial tranche of a C$1.5 million private placement of units. The deal priced on June 25.
The company is selling 30 million units of one common share and one warrant at C$0.05 per unit. It sold 3 million units in the first tranche.
Each one-year warrant is exercisable at C$0.05, a 66.67% premium to the June 24 closing share price of C$0.03.
A $5,000 finder's fee was paid to Brant Securities Ltd., along with 100,000 finder's options in connection with the first tranche.
Proceeds will be used for exploration and expansion of the company’s South Texas property and general working capital needs.
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
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| Amount: | C$1.5 million
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| Units: | 30 million
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| Price: | C$0.05
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.05
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| Pricing date: | June 25
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| Settlement date: | July 9 (for C$150,000)
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| Stock symbol: | TSX Venture: EBY
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| Stock price: | C$0.03 at close June 24
|
| Market capitalization: | C$4.92 million
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