Deal offers flow-through common shares through agent Global Maxfin
By Devika Patel
Knoxville, Tenn., Nov. 14 - Forent Energy Ltd. said it arranged a C$3.5 million private placement of stock. Agent Global Maxfin Capital Inc. will conduct the offering on a best-efforts basis.
The company will sell 25 million flow-through common shares at C$0.14 apiece. The price per share represents a 21.74% premium to the Nov. 10 closing share price of C$0.115.
Settlement is expected Dec. 7.
Proceeds will be used for exploration and development expenditures on the company's oil and gas assets.
Based in Calgary, Alta., Forent is an emerging, junior, privately held petroleum and natural gas exploration, development and production company.
| Issuer: | Forent Energy Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$3.5 million
|
| Shares: | 25 million
|
| Price: | C$0.14
|
| Warrants: | No
|
| Agent: | Global Maxfin Capital Inc.
|
| Pricing date: | Nov. 14
|
| Settlement date: | Dec. 7
|
| Stock symbol: | TSX Venture: FEN
|
| Stock price: | C$0.115 at close Nov. 10
|
| Market capitalization: | C$11.92 million
|
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