By Laura Lutz
Des Moines, July 30 - Exxel Energy Corp. set pricing for its previously announced private placement of units, dropping the planned size to C$15 million from C$30 million.
The company plans to sell 10 million units of one share and one half-share warrant at C$1.50 per unit. Each whole warrant is exercisable at C$1.88 for two years.
Expiry of the warrants may be accelerated if, at any time more than one year after closing, the weighted average trading price of the company's shares is at least C$2.63 for 15 consecutive trading days.
Desjardins Securities Inc., the placement agent, has a greenshoe for up to 15% of the offering size. The greenshoe is exercisable for 30 days after closing.
The placement was originally announced on July 11.
Proceeds will be used for potential acquisitions as well as for drilling costs.
Houston-based Exxel is an oil and natural gas exploration company.
| Issuer: | Exxel Energy Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$15 million
|
| Greenshoe: | For 15%
|
| Units: | 10 million
|
| Price: | C$1.50
|
| Warrants: | One half-share warrant
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.88
|
| Agent: | Desjardins Securities Inc.
|
| Announcement date: | July 11
|
| Pricing date: | July 30
|
| Stock symbol: | TSX Venture: EXX
|
| Stock price: | C$2.20 at close July 11
|
| Stock price: | C$1.50 at close July 27
|
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