By Laura Lutz
Des Moines, July 31 - Enhanced Oil Resources Inc. closed the fourth and final tranche of its previously announced private placement of units, bringing the total size to C$24,999,888.
That amount constitutes the exercise of most of the C$10 million greenshoe in the offering.
The deal originally priced on June 29 as a C$15 million placement with a C$5 million greenshoe. The greenshoe was increased to C$10 million from C$5 million on July 10.
In total, the company sold 20,161,200 units of one share and one half-share non-transferable warrant at C$1.24 per unit. Each whole warrant is exercisable at C$1.80 for two years.
The fourth tranche consisted of 2.126 million units for proceeds of C$2,636,240.
Before that, the company sold 2.391 million units on June 28, 2,853,200 units on July 11 and 12.791 million units on July 24.
Union Securities Ltd. was the placement agent.
Enhanced Oil, formerly Ridgeway Petroleum Corp., is a helium and carbon dioxide appraisal and development company based in Houston.
Issuer Enhanced Oil Resources Inc.
| Issue: | Units of one share and one half-share non-transferable warrant
|
| Amount: | C$24,999,888 (includes greenshoe for C$9,999,888)
|
| Units: | 20,161,200
|
| Price: | C$1.24
|
| Warrants: | One half-share per unit
|
| Warrant expiration: | 24 months
|
| Warrant strike price: | C$1.80
|
| Agent: | Union Securities Ltd.
|
| Announcement date: | June 29
|
| Upsized: | July 10
|
| Settlement dates: | June 28 (for 2.391 million units); July 11 (for 2,853,200 units); July 24 (for 12.791 million units); July 31 (for 2.126 million units)
|
| Stock symbol: | TSX Venture: EOR
|
| Stock price: | C$1.62 at close June 28
|
| Stock price: | C$1.74 at close July 10
|
| Stock price: | C$1.89 at close July 11
|
| Stock price: | C$1.70 at close July 24
|
| Stock price: | C$1.67 at close July 30
|
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