By Sheri Kasprzak
Atlanta, Nov. 3 - Exceed Energy Inc. said Wednesday it will raise C$4 million in a private placement.
The offering is being done on a bought-deal basis and includes 5,172,413 flow-through class A common shares at C$0.58 per share and 2,222,222 class A shares at C$0.45.
Underwriter GMP Securities Ltd. also has the option to buy an additional 2,222,222 class A shares at C$0.45, exercisable any time after closing.
The deal is expected to close Nov. 17. The shares issued in the deal are subject to a four-month hold.
Before this issue, Exceed had 12,110,238 class A shares and 852,125 class B shares outstanding.
Exceed, based in Calgary, Alta., is an oil and gas exploration, development and exploitation company. It plans to use the proceeds from the financing for exploration and development and for general corporate purposes.
| Issuer: | Exceed Energy Inc.
|
| Issue: | Stock
|
| Amount: | C$4 million
|
| Underwriter: | GMP Securities Ltd.
|
| Announcement date: | Nov. 3
|
| Settlement date: | Nov. 17
|
| Stock price: | C$0.50 at close Nov. 3
|
|
|
| Flow-through shares
|
| Issue: | Class A flow-through common shares
|
| Shares: | 5,172,413
|
| Price: | C$0.58
|
| Warrants: | No
|
|
|
| Non flow-through shares
|
| Issue: | Class A common shares
|
| Shares: | 2,222,222
|
| Price: | C$0.45
|
| Warrants: | No
|
|
|
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