Insider buys C$20,000 shares; shareholder invests C$2.1 million more
By Susanna Moon
Chicago, Jan. 3 - FairWest Energy Corp. said it wrapped a private placement of shares for C$2.29 million after upsizing the deal to C$2.6 million on Dec. 28. The placement priced for C$2.1 million on Nov. 30.
The company issued 32,714,330 flow-through common shares at C$0.07 each. The company had targeted 37,142,858 flow-through common shares at that price.
The price per share is a 7.69% premium to C$0.065, the Nov. 29 closing share price.
A director purchased C$20,000 of the offering, and a "significant" company shareholder purchased C$2.1 million shares, according to a company press release.
Proceeds will be used for exploratory drilling and seismic surveys on FairWest properties.
The company previously 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 planned 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$2,290,003
|
| Shares: | 32,714,330
|
| Price: | C$0.07
|
| Warrants: | No
|
| Pricing date: | Nov. 30
|
| Upsized: | Dec. 28
|
| Settlement date: | Jan. 3
|
| Stock symbol: | Toronto: FEC
|
| Stock price: | C$0.065 at close Nov. 29
|
| Market capitalization: | C$13.36 million
|
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