By Sheri Kasprzak
New York, June 9 - Enterprise Oil Ltd. priced its previously announced private placement for C$7.5 million, cut down dramatically from the originally planned C$25 million.
The offering includes up to 4,166,667 units at C$1.80 each.
The units consist of one share and one warrant. Each warrant is exercisable at C$2.50 for one year.
The offering was announced, without pricing details, as a C$25 million offering on May 10.
The deal is being placed through a syndicate of agents led by Research Capital Corp. and including Westwind Partners Inc.
The deal is expected to close June 19.
The proceeds will be used for potential acquisitions and for working capital.
Located in St. Albert, Alta., Enterprise is an oil and natural gas exploration company.
Issuer: | Enterprise Oil Ltd.
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Issue: | Units of one share and one warrant
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Amount: | C$7.5 million (maximum)
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Units: | 4,166,667 (maximum)
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Price: | C$1.80
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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$2.50
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Placement agents: | Research Capital Corp. (lead), Westwind Partners Inc.
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Pricing date: | June 9
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Settlement date: | June 19
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Stock symbol: | TSX Venture: EON
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Stock price: | C$1.90 at close June 9
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