Non-brokered deal sells 8.1 million shares at C$0.19, C$0.21 apiece
By Devika Patel
Knoxville, Tenn., June 8 – Hemisphere Energy Corp. said it plans a C$1.6 million non-brokered private placement of stock.
The company will sell 5 million common shares at C$0.19 apiece and 3.1 million flow-through common shares at C$0.21 apiece. The prices per share are 5.56% and 16.67% premiums to C$0.18, the June 7 closing share price.
Settlement is expected June 28.
Proceeds will be used to drill a development well in the Atlee Buffalo Upper Mannville G oil pool as well as other recompletion or development drilling projects, to acquire water handling and injection equipment and for other general corporate purposes.
The Vancouver, B.C.-based company explores and develops oil and gas properties.
| Issuer: | Hemisphere Energy Corp.
|
| Issue: | Common shares, flow-through common shares
|
| Amount: | C$1,601,000
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | June 8
|
| Settlement date: | June 28
|
| Stock symbol: | TSX Venture: HME
|
| Stock price: | C$0.18 at close June 7
|
| Market capitalization: | C$15.92 million
|
|
|
| Common stock
|
| Amount: | C$950,000
|
| Shares: | 5 million
|
| Price: | C$0.19
|
|
|
| Flow-through stock
|
| Amount: | C$651,000
|
| Shares: | 3.1 million
|
| Price: | C$0.21
|
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