Offering expected to finance drilling and general corporate purposes
By Devika Patel
Knoxville, Tenn., Oct. 1 - FairWest Energy Corp. said it will conduct a C$5 million private placement of shares.
The company will sell 100 million common shares at C$0.05 per share. The price per share is a 25% premium to C$0.04, the Sept. 28 closing share price.
Proceeds will provide working capital for drilling, completions, workovers and facilities on the company's properties and for general corporate purposes.
FairWest is an oil and natural gas company based in Calgary, Alta.
| Issuer: | FairWest Energy Corp.
|
| Issue: | Common shares
|
| Amount: | C$5 million
|
| Shares: | 100 million
|
| Price: | C$0.05
|
| Warrants: | No
|
| Pricing date: | Oct. 1
|
| Stock symbol: | TSX Venture: FEC
|
| Stock price: | C$0.04 at close Sept. 28
|
| Market capitalization: | C$10.84 million
|
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