Deal consists of flow-through shares sold through MGI Securities
By Devika Patel
Knoxville, Tenn., June 1 - Forent Energy Ltd. said it settled a C$2.25 million private placement of stock, which priced for C$2.4 million on May 2. Lead agent MGI Securities Inc. conducted the offering on a best-efforts basis.
The company sold 9,379,167 flow-through common shares at C$0.24 apiece. The price per share represents a 17.07% premium to the April 29 closing share price of C$0.205.
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$2,251,000
|
| Shares: | 9,379,167
|
| Price: | C$0.24
|
| Warrants: | No
|
| Agent: | MGI Securities Inc. (lead)
|
| Pricing date: | May 2
|
| Settlement date: | June 1
|
| Stock symbol: | TSX Venture: FEN
|
| Stock price: | C$0.205 at close April 29
|
| Market capitalization: | C$18.51 million
|
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