Bought-deal offering led by Dundee has C$1.5 million over-allotment
By Jennifer Chiou
New York, Jan. 11 - Exall Energy Corp. announced that it has entered into an agreement with Dundee Securities Corp. as lead, along with Clarus Securities Inc., Stonecap Securities Inc. and D&D Securities Inc., for a placement of C$10 million of special warrants.
The company is offering 5 million warrants at $2.00 each, a price reflecting a 6.98% discount to the company's closing share price on Monday.
The underwriters will also have the option to purchase a further 750,000 special warrants.
Each special warrant will entitle the holder to receive one common share.
The warrants are exercisable by holders at any time following closing - expected on Feb. 1 - and any unexercised special warrants will be deemed to be exercised on the earlier of four months and a day following closing and the first business day after a final prospectus is filed for the shares issuable upon exercise.
Proceeds are earmarked for the expansion and acceleration of Exall's capital program for the development of its Gilwood light oil exploration and development project in Mitsue, Alta., to reduce outstanding bank debt and for general corporate purposes.
Based in Calgary, Alta., Exall is a junior oil and gas company.
| Issuer: | Exall Energy Corp.
|
| Issue: | Special one-share warrants
|
| Amount: | C$10 million
|
| Greenshoe: | C$1.5 million
|
| Warrants: | 5 million
|
| Price: | C$2.00
|
| Agents: | Dundee Securities Corp. (lead); Clarus Securities Inc., Stonecap Securities Inc. and D & D Securities Co.
|
| Pricing date: | Jan. 10
|
| Settlement date: | Feb. 1
|
| Stock symbol: | Toronto: EE
|
| Stock price: | C$2.15 at close Jan. 10
|
| Market capitalization: | C$116.12 million
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