By Susanna Moon
Chicago, Aug. 9 - Exxel Energy Corp. said it completed a downsized private placement of units for C$14,254,200.
The company sold 9,502,800 units at C$1.50 per unit, with each unit consisting of one share and one half-share warrant. 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.
On July 30, the issue was priced and downsized to C$15 million from the C$30 million announced on July 11.
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.
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.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$14,254,200
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Greenshoe: | For 15%
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Units: | 9,502,800
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Price: | C$1.50
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Warrants: | One half-share warrant
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Warrant expiration: | Two years
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Warrant strike price: | C$1.88
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Agent: | Desjardins Securities Inc.
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Announcement date: | July 11
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Pricing date: | July 30
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Settlement date: | Aug. 9
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Stock symbol: | TSX Venture: EXX
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Stock price: | C$2.20 at close July 11
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Stock price: | C$1.50 at close July 27
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Stock price: | C$1.60 at close Aug. 8
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