Offering expected to finance drilling and general corporate purposes
By Devika Patel
Knoxville, Tenn., March 14 - FairWest Energy Corp. said it plans a C$7 million private placement of shares.
The company will sell 140 million common shares at C$0.05 per share. The price per share is a 25% premium to C$0.04, the March 11 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$7 million
|
| Shares: | 140 million
|
| Price: | C$0.05
|
| Warrants: | No
|
| Pricing date: | March 14
|
| Stock symbol: | TSX Venture: FEC
|
| Stock price: | C$0.04 at close March 11
|
| Market capitalization: | C$11.35 million
|
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