Company intends to finance exploratory drilling and seismic surveys
By Devika Patel
Knoxville, Tenn., Dec. 28 - FairWest Energy Corp. said it increased a private placement of shares to C$2.6 million from C$2.1 million. The deal priced Nov. 30.
The company will now sell 37,142,858 flow-through common shares at C$0.07 per share. The price per share is a 7.69% premium to C$0.065, the Nov. 29 closing share price.
Proceeds will be used for exploratory drilling and seismic surveys on FairWest properties.
The company also said its principal lender has indicated that the company must pay back all outstanding amounts on its C$8 million demand loan facility in early 2012. The company plans to obtain a new credit facility.
FairWest is an oil and natural gas company based in Calgary, Alta.
| Issuer: | FairWest Energy Corp.
|
| Issue: | Flow-through common shares
|
| Amount: | C$2.6 million
|
| Shares: | 37,142,858
|
| Price: | C$0.07
|
| Warrants: | No
|
| Pricing date: | Nov. 30
|
| Upsized: | Dec. 28
|
| Stock symbol: | Toronto: FEC
|
| Stock price: | C$0.065 at close Nov. 29
|
| Market capitalization: | C$13.36 million
|
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