By Laura Lutz
Des Moines, March 29 - High Arctic Energy Services Trust completed a private placement of units for C$13,586,149.
The company sold 5,225,442 units at C$2.60 each through underwriter Canaccord Adams Ltd.
Each unit consists of one trust unit and one quarter of a warrant. Each whole warrant is exercisable for one trust unit at C$2.98 for 18 months.
Proceeds will be used for the company's capital build program and international expansion as well as to reduce debt.
Based in Red Deer, Alta., High Arctic provides oilfield equipment and services.
| Issuer: | High Arctic Energy Services Trust
|
| Issue: | Units of one trust unit and one quarter of a warrant
|
| Amount: | C$13,586,149
|
| Units: | 5,225,442
|
| Price: | C$2.60
|
| Warrants: | One quarter of a warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$2.98
|
| Underwriter: | Canaccord Adams Ltd.
|
| Settlement date: | March 29
|
| Stock symbol: | Toronto: HWO.UN
|
| Stock price: | C$2.85 at close March 28
|
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