By Sheri Kasprzak
Atlanta, June 8 - Fairquest Energy Ltd. said it has arranged a private placement for C$26.6 million.
The offering includes up to 4 million shares at C$6.65 each.
The deal will be placed through a syndicate of underwriters co-led by Sprott Securities Inc. and GMP Securities Ltd. and including Canaccord Capital Corp., Peters & Co. Ltd. and Raymond James Ltd.
The company plans to close the deal June 28.
Fairquest, based in Calgary, Alta., is an oil and natural gas exploration company created from the reorganization of Fairborne Energy Ltd. The proceeds will be used for the company's C$35 million 2005 capital budget.
| Issuer: | Fairquest Energy Ltd.
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| Issue: | Stock
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| Amount: | C$26.6 million (maximum)
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| Shares: | 4 million (maximum)
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| Price: | C$6.65
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| Warrants: | No
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| Underwriters: | Sprott Securities Inc. (lead); GMP Securities Ltd. (lead); Canaccord Capital Corp.; Peters & Co. Ltd.; Raymond James Ltd.
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| Pricing date: | June 7
|
| Settlement date: | June 28
|
| Stock price: | C$13.16 at close June 3 (last trade)
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