By Sheri Kasprzak
New York, May 17 - ExAlta Energy Inc. intends to raise up to C$11.9 million in a private placement.
The offering includes up to 1.7 million flow-through shares at C$7.00 apiece.
The deal is being placed through a syndicate of underwriters led by FirstEnergy Capital Corp. and including Raymond James Ltd., MGI Securities Inc. and Tristone Capital Inc.
The placement is scheduled to close on June 6.
Proceeds will be used to fund exploration on ExAlta's Canadian properties.
In other news, ExAlta announced that its 2006 capital budget was increased to C$64 million from C$55 million.
Calgary, Alta.-based ExAlta is an oil and natural gas exploration company.
| Issuer: | ExAlta Energy Inc.
|
| Issue: | Flow-through shares
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| Amount: | C$11.9 million
|
| Shares: | 1.7 million
|
| Price: | C$7.00
|
| Warrants: | No
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| Underwriters: | FirstEnergy Capital Corp. (lead), Raymond James Ltd., MGI Securities Inc. and Tristone Capital Inc.
|
| Pricing date: | May 17
|
| Settlement date: | June 6
|
| Stock symbol: | Toronto: EXA
|
| Stock price: | C$5.50 at close May 16
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