By Sheri Kasprzak
New York, Oct. 25 - Flagship Energy Inc. said it has concluded a private placement with a fully exercised greenshoe for C$20,009,000.
The company sold a total of 3,638,000 class A shares at C$5.50.
A syndicate of underwriters led by GMP Securities Ltd. and including Sprott Securities Inc. and MGI Securities Inc. exercised an over-allotment option for 910,000 shares.
The deal was first announced Oct. 3 as a C$15 million offering of 2,728,000 shares under the same terms.
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$20,009,000
|
| Shares: | 3,638,000 (includes 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
|
| Stock price: | C$5.50 at close Oct. 24
|
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