By Devika Patel
Knoxville, Tenn., Sept. 17 - FairWest Energy Corp. said it completed a C$1.25 million private placement of units. It also said it is cancelling its previously announced $2 million offering of flow-through shares.
The company sold units at C$0.20 apiece in the new placement.
Each unit consists of two flow-through common shares and one warrant. Each warrant is exercisable at C$0.10 until Dec. 18, 2010.
Proceeds will be used for drilling and testing.
FairWest is an oil and natural gas company based in Calgary, Alta.
| Issuer: | FairWest Energy Corp.
|
| Issue: | Units of two flow-through common shares and one warrant
|
| Amount: | C$1.25 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Dec. 18, 2010
|
| Warrant strike price: | C$0.10
|
| Settlement date: | Sept. 17
|
| Stock symbol: | Toronto: FEC
|
| Stock price: | C$0.065 at close Sept. 16
|
| Market capitalization: | C$8.14 million
|
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