By Sheri Kasprzak
New York, Nov. 1 - Fairmount Energy Inc. said it arranged a private placement for up to C$4 million.
The offering includes up to 1.25 million flow-through shares at C$2.40 each and up to 500,000 non flow-through shares at C$2.00 each.
Placement agent GMP Securities Ltd. has an over-allotment option for up to 210,000 additional flow-through shares and 250,000 non flow-through shares.
The offering is expected to close Nov. 16.
Proceeds will be used for ongoing exploration and development activities, as well as general corporate purposes.
Based in Calgary, Alta., Fairmount is an oil and natural gas exploration company.
Issuer: | Fairmount Energy Inc.
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Issue: | Flow-through and non flow-through shares
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Amount: | C$4 million (maximum)
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Placement agent: | GMP Securities Ltd.
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Pricing date: | Oct. 31
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Settlement date: | Nov. 16
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Stock price: | C$2.10 at close Oct. 31
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Flow-through shares
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Shares: | 1.25 million
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Greenshoe: | For up to 210,000 additional shares
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Price: | C$2.40
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Warrants: | No
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Non flow-through shares
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Shares: | 500,000
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Greenshoe: | For up to 250,000 additional shares
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Price: | C$2.00
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Warrants: | No
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