By Sheri Kasprzak
New York, Feb. 15 - Exxel Energy Corp. said it plans to raise up to C$45 million in a private placement.
The company intends to sell up to 15 million shares at C$3.00 each.
The units consist of one share and one quarter-share warrant. The whole warrants are exercisable at C$3.75 each for five years.
The expiry of the warrants may be accelerated to 10 days if the company's stock trades above C$6.00 for 10 consecutive trading days.
Proceeds will be used for drilling and exploration on the company's existing properties, for property acquisitions and for working capital.
Based in Montreal, Exxel is an oil and natural gas exploration company.
Issuer: | Exxel Energy Corp.
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Issue: | Units of one share and one quarter-share warrant
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Amount: | C$45 million (maximum)
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Units: | 15 million
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Price: | C$3.00
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Warrants: | One quarter-share warrant per unit
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Warrant expiration: | Five years
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Warrant strike price: | C$3.75
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Pricing date: | Feb. 15
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Stock symbol: | TSX Venture: EXX
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Stock price: | C$3.75 at close Feb. 15
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