Non-brokered offering slated to fund company's general working capital
By Devika Patel
Knoxville, Tenn., Jan. 27 - Enseco Energy Services Corp. said it has arranged a C$2.36 million non-brokered private placement of units.
The company will sell 2.05 million units of one common share and one half-share warrant at C$1.15 per unit.
Each whole warrant will be exercisable at C$1.65 until Sept. 30, 2012. The strike price is a 27.91% premium to C$1.29, the Jan. 26 closing share price.
Insiders are expected to participate for 45% of the offering.
Settlement is expected Jan. 31.
Proceeds will be used for general working capital and general corporate purposes.
In connection with the placement, insider Lane Roberts will sell 650,000 common shares held by him at C$1.15 per share. Roberts will use the proceeds of this secondary offering to purchase a first secured mortgage over certain real estate in British Columbia, which is held by the company. The sale of the mortgage will provide the company with additional resources to fund its capital program.
Enseco is an oil and gas company based in Calgary, Alta.
| Issuer: | Enseco Energy Services Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2,357,500
|
| Units: | 2.05 million
|
| Price: | C$1.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Sept. 30, 2012
|
| Warrant strike price: | C$1.65
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 27
|
| Settlement date: | Jan. 31
|
| Stock symbol: | TSX Venture: ENS
|
| Stock price: | C$1.29 at close Jan. 27
|
| Market capitalization: | C$25.38 million
|
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