Non-brokered offering expected to fund an investment by a subsidiary
By Devika Patel
Knoxville, Tenn., Feb. 7 - Enterprise Energy Resources Ltd. announced it plans a non-brokered private placement of units. The placement will raise C$5 million.
The company will sell 16,666,666 units of one common share and one half-share warrant at C$0.30 apiece.
Each whole two-year warrant will be exercisable at C$0.45, a 34.78% discount to the Feb. 4 closing share price of C$0.69.
Settlement is expected Feb. 14.
Proceeds will be used to fund a subsidiary's investment in Chimney Sweep Oil and Gas (US) LLLP.
The petroleum and natural gas company is based in Vancouver, B.C.
| Issuer: | Enterprise Energy Resources Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$5 million
|
| Units: | 16,666,666
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 7
|
| Settlement date: | Feb. 14
|
| Stock symbol: | TSX Venture: EER
|
| Stock price: | C$0.69 at close Feb. 4
|
| Market capitalization: | C$3.02 million
|
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