Proceeds earmarked to finance drilling and general corporate purposes
By Devika Patel
Knoxville, Tenn., June 26 - FairWest Energy Corp. said it settled a C$1.29 million private placement of shares. The deal priced for C$7 million on May 7.
The company sold 25.8 million common shares at C$0.05 per share. The price per share is a 25% premium to C$0.04, the May 6 closing share price.
Proceeds will provide working capital for 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$1.29 million
|
| Shares: | 25.8 million
|
| Price: | C$0.05
|
| Warrants: | No
|
| Pricing date: | May 7
|
| Settlement date: | June 26
|
| Stock symbol: | TSX Venture: FEC
|
| Stock price: | C$0.04 at close May 6
|
| Market capitalization: | C$9.93 million
|
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