By Devika Patel
Knoxville, Tenn., Dec. 12 - Excelsior Energy Ltd. said it has raised C$7.22 million in the first tranche of an C$8.72 million private placement of shares. The deal priced on Nov. 20 for C$7 million and was upsized a few hours later.
The first tranche consisted of 11,104,000 flow-through common shares issued at C$0.65 per share.
The company also plans to sell 2,819,200 common shares at C$0.52 each for C$1,465,984.
The company expects to close that tranche in January.
The deal is being conducted by a syndicate of agents led by Canaccord Capital Corp. and including Orion Securities Inc. and Blackmont Capital Inc. The agents will be paid a 6% cash commission and also will receive one-year broker warrants exercisable at C$0.75 each for a number of common shares equal to 6% of the shares sold.
For this tranche, the agents received a 6% commission and 656,190 broker warrants.
Proceeds will be used for exploration, development and general corporate purposes.
Vancouver, B.C.-based Dorato Resources, formerly Quest Ventures, is trying to become a resources company. The company sold its stake in iNoize, a streaming audio technology, to Mystic Development in 2004 and is now trying to acquire mining properties in Peru.
| Issuer: | Excelsior Energy Ltd.
|
| Issue: | Common shares, flow-through shares
|
| Amount: | C$8,716,084
|
| Warrants: | No
|
| Agents: | Canaccord Capital Corp. (lead), Orion Securities Inc., Blackmont Capital Inc.
|
| Fees: | 6% in cash and warrants
|
| Pricing date: | Nov. 20
|
| Upsized: | Nov. 20
|
| Stock symbol: | TSX Venture: ELE
|
| Stock price: | C$0.52 at close Nov. 20
|
|
|
| Common shares
|
| Amount: | C$1,465,984
|
| Shares: | 2,819,200
|
| Price: | C$0.52
|
|
|
| Flow-through shares (first tranche)
|
| Amount: | C$7,217,600
|
| Shares: | 11,104,000
|
| Price: | C$0.65
|
| Fees: | 6% in cash, 656,190 broker warrants
|
| Settlement date: | Dec. 12
|
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