By Sheri Kasprzak
New York, Dec. 30 - FairWest Energy Corp. said it has received agreements for two private placements, totaling C$3 million.
The company will issue 1 million flow-through shares at C$0.60 each and 4.8 million units at C$0.50 each.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at C$0.60 each through July 1, 2007.
So far, the company has received C$1.92 million in proceeds. The rest will be funded on Jan. 6.
Calgary, Alta.-based FairWest is an oil and natural gas exploration, development and production company.
| Issuer: | FairWest Energy Corp.
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| Issue: | Flow-through shares and units of one share and one half-share warrant
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| Amount: | C$3 million
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| Announcement date: | Dec. 30
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| Settlement date: | Jan. 6, 2006 (for final tranche)
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| Stock price: | C$0.65 at close Dec. 30
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| Flow-through shares
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| Shares: | 1 million
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| Price: | C$0.60
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| Warrants: | No
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| Units
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| Units: | 4.8 million
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| Price: | C$0.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | July 1, 2007
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| Warrant strike price: | C$0.60
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