Proceeds slated for debt repayment, general corporate purposes
By Angela McDaniels
Tacoma, Wash., Oct. 25 - Huntington Exploration Inc. completed a non-brokered private placement of units for proceeds of C$2.5 million, according to a company news release.
The company issued 50 million units at a price of C$0.05 each.
Each unit consists of one common share and one warrant. Each two-year warrant is exercisable for one share at an exercise price of C$0.10, which is a 150% premium to the closing share price of C$0.04 on Oct. 22.
The proceeds of the private placement will be used to repay C$918,638 of debt and for general corporate and working capital purposes.
The company also announced that it completed a reorganization under which William Smith, Vanessa Smith and Andrew Burgess resigned as directors and were replaced by Steve Harding, Michael Binnion and Roger McMechan. Smith also resigned as secretary, and Burgess also resigned as vice president and chief financial officer.
Huntington explores for oil and natural gas and is based in Calgary, Alta.
| Issuer: | Huntington Exploration Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$2.5 million
|
| Units: | 50 million
|
| Price: | C$0.05
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.04
|
| Agent: | Non-brokered
|
| Settlement date: | Oct. 25
|
| Stock symbol: | TSX Venture: HEI
|
| Stock price: | C$0.04 at close Oct. 22
|
| Market capitalization: | C$2.97 million
|
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