By Sheri Kasprzak
New York, Oct. 3 - Flagship Energy Inc. said it has arranged a C$15 million private placement.
The offering includes 2,728,000 class A shares at C$5.50 each.
A syndicate of underwriters led by GMP Securities Ltd. and including Sprott Securities Inc. and MGI Securities Inc. has an over-allotment option for up to 910,000 additional shares.
Insiders of Flagship may buy up to 272,800 of the shares.
The offering is expected to close Oct. 25.
Proceeds will be used for capital expenses and general corporate purposes.
Calgary, Alta.-based Flagship is an oil and natural gas exploration company.
| Issuer: | Flagship Energy Inc.
|
| Issue: | Class A shares
|
| Amount: | C$15 million
|
| Shares: | 2,728,000
|
| Greenshoe: | For 910,000 shares
|
| Price: | C$5.50
|
| Warrants: | No
|
| Underwriters: | GMP Securities Ltd. (lead); Sprott Securities Inc.; MGI Securities Inc.
|
| Pricing date: | Oct. 3
|
| Settlement date: | Oct. 25
|
| Stock price: | C$6.00 at close Oct. 3
|
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