By Laura Lutz
Des Moines, May 25 - Excelsior Energy Ltd. arranged a private placement of units and flow-through shares for up to C$20 million.
The company plans to sell units at C$0.85 each and flow-through shares at C$1.05 each.
The placement will include no more than 7,619,048 flow-through shares.
Each unit will consist of one non flow-through share and one warrant. Each warrant will be exchangeable for one share at no additional cost if the company's common shares are not listed for trading on the TSX Venture Exchange within 120 days from settlement of the private placement.
Proceeds will be used for exploration and development on the company's properties and for general corporate purposes.
Settlement is expected on June 21.
Canaccord Capital Corp. is the lead agent with Orion Securities Inc. as co-agent.
Excelsior is an oil and gas exploration company based in Calgary, Alta.
| Issuer: | Excelsior Energy Ltd.
|
| Issue: | Units of one share and one warrant; flow-through shares
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| Amount: | C$20 million
|
|
|
| Units
|
| Price: | C$0.85
|
| Warrants: | One per unit
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| Warrant strike price: | None; exchangeable if shares are not listed on TSX Venture Exchange within 120 days
|
|
|
| Flow-through shares
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| Shares: | 7,619,048 (maximum)
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| Price: | C$1.05
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| Warrants: | No
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