By Sheri Kasprzak
Atlanta, June 22 - Healey Capital Corp. said it has completed an C$8.88 million private placement as part of its acquisition of the majority equity interest of Rockford Energy Corp. and the rights to five hydroelectric projects.
The private placement included 14.8 million units at C$0.60 each.
The units are comprised of one share and one half-share warrant. The full warrants allow for an additional share at C$0.85 each for two years.
Wellington West Capital Inc. and Research Capital Corp. were the placement agents.
Under the terms of the acquisitions, Healey was required to raise at least C$5 million in an equity financing.
In the acquisition, Healey acquired 90% equity interest in Rockford Energy Corp., a subsidiary of Rockford Technology Corp., and the right to develop five additional hydroelectric power generation projects in British Columbia.
The proceeds will be used to pay off construction financing for the Brandywine hydroelectric project, which had been owned by Rockford Energy, and to develop the company's new optioned projects. The remainder will be used for working capital.
Following the acquisition, Healey, which had been a capital pool company, will change its name to Run of River Power Inc.
Healey is based in Calgary, Alta.
| Issuer: | Healey Capital Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$8.88 million
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| Units: | 14.8 million
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| Price: | C$0.60
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.85
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| Placement agents: | Wellington West Capital Inc., Research Capital Corp.
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| Settlement date: | June 21
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| Stock price: | C$0.27 at close June 21
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