Private placement provides funding intended to reduce company's debt
By Devika Patel
Knoxville, Tenn., Sept. 9 - Enseco Energy Services Corp. said it completed a C$6 million private placement of special warrants. The deal priced Aug. 17.
The company sold 30 million special warrants at C$0.20 each. The price is a 16.67% discount to the Aug. 16 closing share price of C$0.24.
Desjardins Securities Inc., the underwriter, bought the warrants on a bought-deal basis.
The special warrants are convertible into units of one common share and one half-share warrant, with each whole warrant exercisable at C$0.27 until Sept. 9, 2011. The strike price is a 12.5% premium to the Aug. 16 closing share price.
Proceeds will be used to reduce debt and for general corporate purposes.
Enseco is an oil and gas company based in Calgary, Alta.
Issuer: | Enseco Energy Services Corp.
|
Issue: | Special warrants convertible into units of one common share and one half-share warrant
|
Amount: | C$6 million
|
Warrants: | 30 million
|
Price: | C$0.20
|
Warrants: | One half-share warrant per unit upon conversion
|
Warrant expiration: | Sept. 9, 2011
|
Warrant strike price: | C$0.27
|
Agent: | Desjardins Securities Inc.
|
Pricing date: | Aug. 17
|
Settlement date: | Sept. 9
|
Stock symbol: | TSX Venture: ENS
|
Stock price: | C$0.22 at close Aug. 17
|
Market capitalization: | C$33.24 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.